Formula One screwed up on costs, says Caterham boss Tony Fernandes

Caterham boss Tony Fernandes said Formula One "screwed up" the chance to keep costs under control as teams face a dramatic escalation next year.

The Malaysian entrepreneur said teams failed to come together and make a concerted effort to keep costs down, and also agreed to the extra expense of introducing a new type of engine in 2014.

"I think the teams didn't get together. The teams had a wonderful opportunity to try and create a fair, equitable split so that the sport is sustainable," he said ahead of the Singapore Grand Prix.

"Teams looked at things on an individual basis as opposed to working together in Fota [Formula One Teams Association] and trying to find a win-win situation for everyone and create a very healthy environment in a sustainable sport. We screwed it up, it's as simple as that."

Fernandes has said Fota in-fighting was to blame for the failure to implement cost controls. Several teams are struggling, and HRT went to the wall last year.

Teams have recently finished negotiations for a new Concorde Agreement to govern the sport and decide how to share profits in coming seasons.