The International Automobile Federation (FIA), Formula One's governing body, has given the F1 teams until July 24 to submit proposals with the intention of cutting costs in the sport that will then be officially drafted into the FIA's regulations for F1 for the 2013 season, according to motorsport website
It will be the first time that specific rules designed to reduce the cost of competition in F1 are drafted.
The teams had originally been given a deadline date of June 30 but, according to the website, disagreements amongst the teams regarding the best way to cut the cost of competing in F1 caused the FIA to give a three week extension in order to come to a consensus.
The high cost of competing in F1 has been seen as a major deterrent for new entries due to factors like aerodynamic research and development budgets of leading teams that make it almost impossible for other teams to challenge them without support from a major automobile manufacturer or a big sponsor like Red Bull.
F1 is also set for a major overhaul of its technical regulations in 2014, that will see changes to not only how F1 cars are constructed but to the kind of engines used as well.
It is believed that these changes will place an initial financial burden on the teams, after which the regulations will remain stable because of which the teams have been asked to approve the cost cutting measures for 2013 itself.