In order for Formula One to survive, not only must costs be cut but the sport has to generate more turnover, according to Ferrari Chairman Luca Cordero di Montezemolo.
In an interview appearing in the latest edition of Ferrari Magazine, a quarterly published for company clients, Montezemolo said ''we cannot just think about costs, we also have to come up with ways to increase turnover. This is the only way Formula 1 can fulfill its vocation for progress''.
Looking at how the global economic downturn has affected motor racing, the Ferrari and Fiat chairman said ''it would be nice to go back to the good old days with simple rules regarding weight, fuel and tires''.
''But unfortunately, when you have to deal with containing costs, keeping regulations simple becomes impossible,'' he added.
''Programs have to be worked out together with the teams. Everyone must contribute in their own role, the same way it is in soccer with the sport's federation and owners' league. Everyone has a precise task which they must carry out in order to ensure both the economic and the entertainment aspects of the sport,'' Montezemolo observed.
The Ferrari chief last summer spearheaded the creation of the Formula One Teams Association, which he was made head of, that gives teams a single voice in dealing with both the international racing federation FIA and the Formula One Group of Bernie Ecclestone, which owns the commercial rights to the sport.
The latest edition of Ferrari Magazine also has an interview of Ferrari team principal Stefano Domenicali by MotoGP champion Valentino Rossi and an article on the role of color in motor racing, written by veteran British sports journalist Mike Doodson.
