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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鈥檚 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 鈥減rocession鈥� and that 鈥渁 lot of drivers have to pay to make it鈥� in the sport.

This clip is originally from Afternoon Edition on 1 November 2017.