Wolff: Cost cap needs to make sense for everyone

Mercedes team principal Toto Wolff says that the proposed cost cap for 2021 should only be implemented if it meets the standards of all 10 teams.

Formula 1 outfits are sitting down with the sport's commercial rights holder Liberty Media on Tuesday, March 26th to discuss the 2021 regulations that are set to include major changes to both the technical and sporting aspects of the series.

This time last year, Liberty presented teams with the blueprints of the plans, but now teams are calling for swift action with just 24 months before the start of the 20121 season.

In recent years, major manufacturers such as Mercedes and Ferrari have been able to spend more money and in turn, streak ahead of the competition.

In a bid to close up the field in 2021, F1 is expected to introduce a budget cap, but Wolff has warned that it must be a plan that makes sense for all parties involved.

“I feel that there is some momentum in the process and we are all keen on understanding how 2021 looks,” Wolff said.

“Mercedes is certainly interested in having a cost cap implemented at the right levels so that it makes sense for everybody.

"We must get the big teams on board in a way that is implementable and cap us to make sure we are not running away with it with higher costs each year.

“Regulations are another building block that is important to get over the line until June. Let’s see how it goes after next week, but what I hear is making it optimistic.”