Formula one teams agree to cost-cutting measures
Formula one's teams have agreed to the FIA's cost-cutting measures
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Wednesday, 10, Dec 2008 10:49
An agreement has been made between the FIA and FOTA (the Formula One Teams Association) about future cost-cutting measures in the sport.
The FIA has urged teams to agree to using the same engines and gearboxes from 2010 onwards to help save money for all the participants in the sport.
To push the proposals through the governing body needed at least four teams to sign up but the idea had previously met with some resistance from the FOTA.
Although the precise details of the meeting between the FIA and FOTA in Monaco today have not been released it is believed that the teams have agreed to making significant savings in the future.
"FIA and FOTA have had the most successful meeting on Formula One matters which any of the participants can remember," the FIA said in a statement.
"Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter."
Any major changes are likely to be seen at the start of the 2010 season, however, some moves have been made to try and start saving money ahead of the new campaign next March.
The statement added: "FOTA have now made proposals for very significant cost saving in 2009 while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal."
The proposals still have to be ratified and will be put to a vote when the FIA meet again on Friday.
Earlier FIA president Max Mosley had urged the teams to accept the proposal of sharing the same engine but admitted he would be open to any suggestions from the teams.
Mosley said: "A lot of the teams would like a base engine, but the manufacturers may also make an offer which could be interesting, so we will see how it develops.
"They might come up with something completely new that we haven't thought of, so one has to keep an open mind."
It is not clear whether Mosley's original proposal has been accepted or whether the teams have agreed to a new plan, however FOTA president and Ferrari chief Luca di Montezemolo was happy with the outcome.
He said: "The unity of the teams was fundamental to meeting the goals for a new Formula One, but with the same DNA, as requested by the FIA."
The backing of Ferrari is crucial to the FIA as the Italian team had threatened to pull out of the sport earlier in the year when the idea of base engines was first proposed.