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FIA and FOTA confident on cost cuts

Max Mosley, FIA presidentThe FIA and the Formula One Teams' Association (FOTA) believe that cost-cutting measures agreed between them in Monaco today have helped ensure the sport faces a secure future.

FIA president Max Mosley met with the teams on Wednesday to work through a series of cost-cutting measures for next year and 2010 that he believes are needed if the sport is to survive and prosper.

Although no details of what was agreed have been released, the FIA and FOTA issued a joint statement saying that the gathering had been the 'most successful meeting on Formula One matters which any of the participants can remember.'

The statement said that measures agreed helped achieve the aims of cutting costs, which Mosley had outlined in a letter to teams back in July. It suggested that cost-cutting measures would not only provide a financial boost would also maintain: "Formula One at the pinnacle of motor sport and reinforcing its appeal."

The measures will now be put forward to the FIA World Motor Sport Council on Friday, after which full details will be released.

It is understood the measures include a dramatic reduction in testing, moves to limit wind tunnel time and aerodynamic development, plus the use of more standard parts.

Plans to give teams the option of a standard engine will likely depend on tomorrow's deadline for applications, with it clear that manufacturers will not be forced to run them if they are introduced.

Mosley said: "I am delighted with the outcome of this meeting."

FOTA President Luca di Montezemolo added: "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."

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