Fernandes sends out warning to F1 over budgets

Tony Fernandes has said Formula 1 needs to change it’s spending if small teams will be able to compete in the future.

The former Caterham owner has said that small teams can’t make sufficient progress if the larger ones operate on such an “inflated budget”.

He told Sky Sports: “People can blame whoever, but the big teams are as much at fault as anyone. The gap has become way too big and it’s money. And so I thought, ‘Well, I can’t compete’.”

Finance and budgets are a hot topic at the moment following the news that both Caterham and Marussia have entered administration in the past week.

The situation at Caterham is dire, and Fernandes admits the team would have closed down if he were still in charge.

“The sport has to examine itself as well. Ultimately we couldn’t carry on and we would have eventually gone into administration anyway or closed down the team.”

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