F1 to debate cost saving measures on Thursday

Wednesday 30th April 2014, 22:31 by TF1T Staff 

Pirelli Media

Formula 1 chiefs are hopeful that a raft of changes over the next three years will amount to significant cost savings, doing away with the need for a cost cap which isn't favoured by the larger outfits.

The smaller teams had hoped the FIA's plan to introduce a budget cap would bring spending under control and create a level-playing field for them to compete on.

However it was rejected by the F1 Strategy Group - made up of Ferrari, McLaren, Mercedes, Red Bull, Williams and Lotus as well as FIA president Jean Todt and Bernie Ecclestone.

Instead, a three-step process, which will see more standardisation and stricter regulations to simplify components will be adopted, which, it's hoped, will provide the necessary cost savings to ensure the future of the sport.

Below is detailed what the Strategy Group will discuss during a meeting on Thursday, with various changes through to the 2017 season on the table.

2015

Tyre blanket ban
Fuel system simplification
Brake duct simplification
Front wing simplification
Gearbox usage flow brought in line with engine life
Ban on front and rear interconnected suspension
Increase in curfew

2016

Standard front impact structure
Standard rear impact structure
Standard final drive system
Standard steering rack

2017

FIA standard active suspension
Move to 18-inch wheel rims

LATEST FORMULA 1 NEWS

HUNGARY GP | TWEETS

Some of the best tweets from the Hungarian GP

RED BULL

Horner says Ricciardo 'riding a confidence wave'

MERCEDES

Mercedes will allow its drivers to race freely

caterham

Caterham faces legal action from axed employees

MERCEDES

Lauda would have done the same as Hamilton

FERRARI

Alonso: 'Second place tastes like a victory'