F1 Teams Reach New Resource Restriction Agreement

Last weekend was a very important moment in the history of the contemporary F1 championship, as the teams have managed to reach an agreement regarding the cost reducing plan for the next few years.

According to AUTOSPORT, the teams managed to sign a new Resource Restriction Agreement (RRA) in Singapore, after the current RRA, which runs through next season, became unstable due to fears that certain players had found breaches in it.

The aforementioned problem is believed to have been capable of creating a new spending war that could’ve threatened the faith of the entire F1 series.

The matters were solved during a Formula One Teams’Association (FOTA) meeting that was held on Sunday, during which a provisional agreement was reached for an extension that will run until the end of 2017.

The exact details of the agreement have not been disclosed. However, it seems that the level of aggression for the cost cuts has been lowered.

"I am very delighted that we have done such a move, because it is a success for FOTA and finally we could sign something, instead of the meetings just being a forum,” Renault team principal Eric Boulier told the aforementioned source.

"The decision taken last year [with the original RRA] was maybe in a special context with manufacturers threatening to break away for another championship. The RRA in its old version could even have damaged the sport by being too radical and I was keen to change the slope and extending it - and why not? We know we have to enter into a transition period. Everyone has done a reasonable job and I am happy we have signed this agreement," the executive added.