Formula 1 boss Bernie Ecclestone has backed a spending cap on team budgets in a bid to level the playing field.
The 81-year-old believes that the sport now needs to get back to basics and teams must stop extravagant spending.
Ecclestone said that he would welcome a budget cap and believes that it could be introduced in the near future.
"There are still too many people in Formula One running around with rose-tinted glasses," said Ecclestone. "They obviously like to see the world as they want it to be - wonderful, the sun is shining, isn't life delightful - and not how it is.
"The downside of these glasses is that they blind you to reality. So my advice to them is to change the colour of your glasses and tighten your belts. Stop spending more than you need to.
"The teams have to learn to be competitive without tonnes of money. They have to refocus again on the basics - on racing, spending on the sport - and not on baronial motorhomes and all kinds of entertainment."
A proposal to implement a restriction on spending was met with opposition after being forwarded by former FIA president Max Mosley in 2008.
Michael Penkman
