FIA and teams agree to F1 cost reduction measures
Joint statement – FIA and FOTA meeting:
FIA and FOTA have had the most successful meeting on Formula One matters which any of the participants can remember.
Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter in addition to which 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.
These proposals will be put to the FIA WMSC on Friday following which full details will be released.
FIA President Max Mosley said, "I am delighted with the outcome of this meeting."
FOTA President Luca di Montezemolo 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."
12/10/08 Formula One's world governing body and teams have agreed significant cost cuts from next year, the International Automobile Federation (FIA) said on Wednesday.
"FIA and FOTA (the Formula One Teams Association) have had the most successful meeting on Formula One matters which any of the participants can remember," the FIA said in a statement after a meeting in Monaco.
"Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter.
"In addition to which 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 statement added.