Formula 1’s plans for a cost cap from 2015 have been scrapped, according to FIA President Jean Todt.

The governing body announced in December of last year that it intended to introduce cost-cutting measures from next season, and it hoped that full agreement over its implementation would be agreed by June 2014.

But Todt, attending his first Grand Prix of the season in Bahrain, revealed that the six teams on Formula 1’s Strategy Group – Red Bull, Ferrari, Mercedes, Williams, McLaren, and Lotus – are now against the idea.

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