F1 is to introduce a 'global cost cap' and the limit will be applied from the start of January 2015.

The decision comes in the wake of the economic downturn and increasing pressure on a number of the teams in the sport, although it should be noted it has only been agreed in 'principle'.

"The principle of a global cost cap has been adopted. The limit will be applied from January 2015," confirmed a statement issued by the FIA following a meeting of the F1 Strategy Group and the Formula One Commission in Paris.

"A working group will [now] be established within the coming days comprising the FIA, representatives of the Commercial Rights Holder and Team representatives.

"The objective of the working group will be to have regulations approved by the end of June 2014."

Last month, McLaren team principal, Martin Whitmarsh told Bloomberg that Red Bull's arrival had 'distorted the sport' because of its level of expenditure.

Responding to claims by Red Bull team principal, Christian Horner that the Milton Keynes-based outfit isn't the biggest spender, Whitmarsh said: "You'll see that's just rubbish - but everyone knows that and they know it as well."

Horner, however, added: "The fastest way to become unpopular is to start winning. And we've done a lot of winning the last few years. It's inevitable that doesn't sit too comfy with some teams."

Ferrari meanwhile used its 'Horse Whisperer' column following the Brazilian Grand Prix to deny it spends around ?250 million per year on its F1 programme.

"When the championship finishes, the moment arrives to take stock. If it's enough in sport to look at the points standings, in business some trust in summer valuations, even if they are carried out under a parasol.

"For that reason, months later, a reconstruction of the budgets of F1 teams developed by an Autosport colleague has transformed itself into journalistic fact. It's a pity that the cited figures are largely fantasy and they can draw even distinguished newspapers into conclusions that are wildly erroneous. It would be easy to deny the figures with facts but the truth about business matters has to stay confidential: this too, like technology, is a crucial factor in competition."