The FIA says the plights of Caterham and Marussia reinforces its desire to cut costs in F1, and wants the "economic balance" of the sport to be addressed.

Both teams will miss at least the United States and Brazilian grands prix after entering administration, with their participation in Abu Dhabi also in question. The FIA released a statement on Thursday saying there could potentially be penalties for the teams if they do return for the season finale, though these are unlikely to be financial.

However, the FIA was also keen to stress that it wants a more equitable distribution of funds for the teams as well as cost reductions, with commercial rights holder Bernie Ecclestone giving more of F1's revenues to the larger teams.

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"The FIA has been informed of the financial difficulties of the CATERHAM F1 and MARUSSIA F1 Teams and of the considerable uncertainty surrounding their participation in the final races of the 2014 championship," the statement read.

"It is the responsibility of the FIA Stewards to determine whether or not a team has failed to fulfil its regulatory obligation to take part in all events on the calendar and to take whatever action they deem appropriate. However, we have every confidence that the Stewards are fully aware of the financial situation of the teams concerned and these matters are always assessed with extreme care and due regard for the circumstances involved.

"Looking beyond the end of the 2014 season, these failings once again acutely raise the question of the economic balance of the FIA Formula One Championship and justify the position, expressed many times by the FIA, in favour of any initiative that will help reduce costs in order to ensure the survival of the existing grid or attract potential new entrants.

"As such, the FIA, in close cooperation with FOM and the different stakeholders in F1, will continue to work towards maintaining the attraction of the championship and the equitable participation of the teams in it in the years to come."

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This is rich coming from the FIA as it's the first year of their massive and very very very expensive rule change, just how much money has been spent on the engines alone, £billions, this was all done during the world financial collapse, they just seem to be so detached from the real world, all in the name of saving petrol, utter stupidity, and it's taken away that lovely F1 engine sound.