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F1 may need budget cap - Ecclestone - Racer.com

Formula 1 commercial rights manager Bernie Ecclestone says he is open to revisiting the idea of a budget cap for series teams, as he warned squads that they should "tighten their belts" amid current financial pressures.
Former FIA president Max Mosley's 2009 budget cap plan was ultimately rejected in favor of the Resource Restriction Agreement created by the teams. Ecclestone now says he felt some teams were delusional in their approach to their economic situations.
"Let's put it this way: There are still too many people in Formula 1 running around with rose-tinted glasses," he said. "They obviously like to see the world as they want it to be – wonderful, the sun is shining, isn't life delightful – and not how it is. The downside of these glasses is that they blind you to reality."
Asked what his advice so such teams would be, Ecclestone replied: "Change the color of your glasses and tighten your belts. Stop spending more than you need to."
He suggested that a form of budget cap could be the best way of pegging back the better funded teams' spending so that struggling squads did not have to overspend to try and catch up.
"We have had this kind of problem for quite a while now as, of course, [wealthy teams] spend what they have," said Ecclestone. "You could install a mandatory budget for all teams – on the basis of the smaller teams – but [the larger teams] don't like it and fiercely fight against it."
When asked if he could foresee such a rule being imposed in the near future, Ecclestone said: "I would welcome it. Yes, I think it could happen."
Ecclestone also said he was not concerned about the growing trend of drivers having to bring money with them to secure drives.
"I don't like the phrase 'pay driver'. They have deep-pocketed sponsors who support them. What's wrong with that?" he said. "I have never seen a driver giving his own money for a ride."
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