F1 rejects Ecclestone's proposal for two-tiers

Formula 1 has rejected a proposal put forward by Bernie Ecclestone to ensure the grid remains above 16 cars - the minimum amount set out in the sport's commercial agreement with the FIA.

The 84-year-old already has an agreement with Red Bull, Ferrari and McLaren to run three cars in the event the grid shrinks, but he put forward an alternative during last week's strategy group meeting.

The idea revolves around a so-called second tier which would see old Red Bull RB9 (2013) chassis running V8 engines made available to newcomers for a relatively low fee of £10 million ($16.5m, €15m).

They would then be free to develop the aerodynamics themselves. Though the restrictions would remain tight to ensure the cars remain slower than modern day cars.

It's reported that Ecclestone had already contacted former F1 team boss Colin Kolles to prepare the chassis and old friend Flavio Briatore's Mecachrome to design and build the V8 engine.

However, the proposal failed to receive enough support from the teams and the FIA during a vote and was therefore scrapped.