F1 teams in London crisis meeting

Formula One teams are meeting in London to discuss ways to narrow the financial gap between the bigger and smaller teams.

Formula One teams have are meeting in London to discuss ways of reducing the costs of the sport. (AAP)

Formula One teams are to hold a crisis meeting in London to discuss ways of reducing the massive costs of being involved in the sport.

World governing body FIA announced last December a budget cap would be put in place for the 2015 season, a move welcomed by the smaller teams, but this plan was overturned by the Formula One strategy group earlier this year.

The meeting on Thursday intends to find the best way to "narrow the gap between the smaller and bigger teams", Mercedes motorsport boss Toto Wolff was quoted as saying in Autosport magazine.

This could include changes to sporting or technical regulations.