Todt says cost saving suggestions by teams are a joke 13 May, 2014 FIA president Jean Todt has labeled as “a joke” the initial cost-saving proposals put forward by Formula 1 teams. The powerful ‘Strategy Group’ teams vetoed Todt’s plans for mandatory budget caps beginning next year, instead arguing that costs can be alternatively reduced through the sporting and technical regulations. Todt, however, said whilst attending the weekend’s Spanish Grand Prix that the teams’ initial proposals were “ridiculous”. “We know they have budgets of between 100 and 400 million and the proposal they seem happy with is to reduce by two million,” he said. “What was proposed was a joke.” Todt said that his aim is to see teams’ annual spend reduced in the order of 30 to 40 per cent, “We will meet all of the people again. Hopefully they are sensible people and they come up with some sensible suggestion.” (GMM) Subbed by AJN. Reports on GrandPrix247.com by: staff & contributors, Reuters syndication, GMM service, Formula 1 teams, sponsors & organisations.