The owner of the Red Bull formula one team, Dietrich Mateschitz is planning to pull out his team from next year's formula one racing. It is reported that Red Bull, which owns the formula one team, is not supporting FIA's decision of implementing the 40 million pounds budget cap. It is mainly due to FIA's proposed budget cap that Red Bull is considering to withdraw the formula one team.

 

While interacting with the media, Dietrich Mateschitz said that he will not enter a team if FIA moves along with its decision of implementing the 40 million pounds budget cap. Apart from Red Bull, several other teams have also protested against FIA's move. Toyota's John Howett has also said that his team will not participate in next year's competition if the sports federation insist on the budget cap.

 

Currently, only BrawnGP, Williams and Force India are supporting FIA's cost-saving plan. According to FIA, the teams that will support its budget cap will enjoy certain technical advantages over the other non-supporting teams. FIA or Federation Internationale de l'Automobile is the governing body of the motor sports. With 213 national member organisations in 125 countries worldwide, FIA is currently headed by Max Mosley.