Formula One teams are likely to receive a proposal on a budget cap spending figure by the end of the current year.
Since Liberty Media's takeover in January, F1's new bosses have made no secret of their desire to reduce the cost of competing in the sport and a cap on spending is being considered as a possible solution. The idea of a budget cap is controversial -- the FIA's last attempt to enforce a cap failed in 2009 when Red Bull and Ferrari threatened to quit the sport.
Red Bull boss Christian Horner has continually voiced his concern that a budget cap would be impossible to police, but it has unanimous support among the grid's smaller outfits.