2 May 2014

F1 teams in London crisis meeting

11:51 am on 2 May 2014

Formula One teams will be getting together overnight in London for a crisis meeting to discuss ways of reducing the massive costs involved in the sport.

The world governing body, the FIA, announced last December a budget cap would be put in place for the 2015 season, a move welcomed by the smaller teams, but this plan was overturned by the Formula One strategy group earlier this year.

Mercedes team head Toto Wolff has been quoted as saying the priority is to find the best way to narrow the gap between the smaller and bigger teams, which could include changes to sporting or technical regulations.