The former Caterham boss Tony Fernandes has said he failed to find success in Formula 1 because the established teams did not make concessions to allow new entrants into the sport.

He told 5 live’s Chris Warburton that he was promised that the costs of running a team would fall by 50%, but in reality, they went up.

He also said that the sport is now a “procession” and that “a lot of drivers have to pay to make it”.