Ecclestone says F1 budget cap 'could happen'

Bernie Ecclestone has fired a warning shot as his negotiations ramp up with formula one teams over the next Concorde Agreement.

The team bosses are pushing for more of the sport's lucrative revenue, but F1 chief executive Ecclestone said they already spend too much due to wearing rose-tinted glasses.

His advice: "Change the colour of your glasses and tighten your belts," the 81-year-old told F1's official website. "Stop spending more than you need to."

The most recent political war between F1's authorities and the teams - in 2009 - was fierce, when former FIA president Max Mosley pushed hard for a budget cap.

Ecclestone said: "You could (still) install a mandatory budget for all teams - on the basis of the smaller teams - but they (the big teams) don't like it and fiercely fight against it.

"I would welcome it," he insisted. "Yes, I think it could happen."