Todt urges F1 to reduce costs

Formula One chiefs have been urged to do even more to help reduce costs in the sport.

Former Ferrari team principal Jean Todt believes that keeping F1's finances in check is the biggest challenge that faces F1 in the future.

"Definitely the cost of Formula One is very high," said Todt. "We cannot ignore there's an economic crisis in the world at the moment and you can see the prices of shares and all that.

"If a company wants to be in F1 it's because the costs are acceptable and it's worth being here. So even if the increase of the costs has dramatically slowed over the last three or four years it's still very expensive and [FIA president] Max [Mosley] has worked very hard with the support of the teams. That's the number one challenge.

"And then we need to make sure the regulations are suitable to the business because sometimes some regulations did not give the results people expected. But it's going in the right direction."