"From a personal point of view, I think the cost base of F1 is still wrong," Fernley told. "You need to bring it down.
"I believe very strongly that when you cannot make profit based on your television income and your sponsorship income, then there is something wrong with the sport, and I still believe that is the case today. Our costs are too high. Even if you increased the income from the CRH it would still leave a deficit, and you would still need support," he said.
"I would say today the average team is spending between 80 and 100 million dollars as a small team – and the FOM income will nowhere near cover that. So you have to have the commercial income top up and then make a profit."
"If we can collectively sit down with [F1 owners] CVC and Bernie [Ecclestone], that is always going to be win/win," he said. "It should be a programme that benefits all."
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