FIA reaffirms plans for F1 cost controls

F1 is to push ahead with plans for cost reduction and cost control regulations after the F1 Strategy Group unanimously agreed the proposals this week.

In a statement issued by the FIA on Wednesday after the latest World Motor Sport Council meeting in Geneva, the sports' governing body added that it had reaffirmed to its members the 'intention to assure a healthy, affordable and spectacular FIA Formula One World Championship for the long-term future'.

"At a meeting of the F1 Strategy Group yesterday [Tuesday], chaired by the FIA President [Jean Todt], and attended by [F1 boss] Bernie Ecclestone and the teams, it was unanimously agreed that cost reduction and cost control regulations will be presented to the WMSC in June 2014 for introduction in January 2015," confirmed the missive on the FIA's website.

The development comes after being first mooted again in December, when the idea of a 'global cost cap' was agreed in 'principle'.