Eddie Jordan has given cautious backing to proposals designed to make Formula One cheaper and more competitive.
Motorsport boss Max Mosley's plans for 2008 aim to close the gap between top teams and poorer ones like Jordan by cutting the influence of technology.
"The same winner every time is not drawing the public into something that is wild, exciting and heroic.
"So we do need to do something and the sooner it can be done then the better for everybody," said Jordan.
Mosley's proposals were prompted by the recent domination of Michael Schumacher and Ferrari, which has led to a decline in the popularity of F1.
They include fitting cars with smaller engines and banning power steering, traction control and automatic gearboxes.
"There are some very radical changes, and it would be wrong to say you would go along with them all because you need to talk to your partners," said Jordan.
"But something needs to happen. Not a lot has happened in the past, so Max has taken things into his own hands because we need to get the costs under control.
"To make our sport viable in the long term and interesting to the people, we need cost-capping. It's just crazy."
The smaller teams cannot compete with the huge sums of money spent by the likes of Ferrari, Toyota and McLaren on testing and development.
And Jordan poured scorn on the argument that the sport had to be at the cutting edge of technology to remain popular.
"It's nonsense that we have to move with the times," he said. "Look at Nascar. What has that got to do with modern times?
"It's the most archaic piece of rubbish you've ever seen and they get 300 million watching it every race, 35 races a year.
"Here [in Formula One] you have sensible people willing to spend tens of millions of dollars on something that doesn't add to the show.
"All you are doing is giving employment to lots of different people in a bid to try to be cleverer than the other, and if you haven't got a particular person you steal them from another team. Do we go on like that?
"I know this is pretty painful at the moment and I'm not going to go on for forever if it's going to continue like this."
BAR team principal David Richards also gave a guarded welcome to the proposals.
"It's about time we had a general review of Formula One and looked at the issues," said Richards.
"I'm sure each of the teams will have their own ideas around this basic agenda and it's encouraging we are starting with some interesting and challenging ideas, although some of them are too radical for me, and some not so."