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. Tweet Related NewsItalian Grand Prix: Friday press conferenceTodt open to improving new era Formula 1British Grand Prix: Team representatives press conferenceIn-depth interview with F1 race director Charlie WhitingTodt: It may be that some teams do not surviveCost cutting in F1 cannot be policed claims WolffMonaco Grand Prix: Team representatives press conferenceCritics of new Formula 1 era have an agenda says MosleyHaas to have Formula 1 team on the grid in 2015 as entry accepted by FIAFIA wins V6 turbo battle but is Ecclestone on the warpath and intent on a F1 coup d’etat?