Formula One's governing body has proposed a raft of rule changes for 2008 to take the cutting-edge sport back to basics and make it more affordable for new teams and drivers.
The details included ending the sport's tyre war between Bridgestone and Michelin by limiting supply to one brand, controlled by the FIA.
Engine capacity would be reduced to 2.4 litre V8s from three litre V10s, with each unit having to last two races.
Fully manual gearboxes and clutches would return with power steering banned along with the use of spare cars.
The International Automobile Federation (FIA) issued preliminary proposals on Friday and summoned the 10 team bosses to a meeting in Monaco on May 4.
FIA president Max Mosley outlined six main objectives in a letter to six of the team bosses, with the first on the list being "to improve the racing spectacle without introducing artificial rules."
The others were the elimination of so-called electronic 'driver aids' such as traction control to put a premium on talent, measures to reduce the costs of running a top team and 'very substantially' cut the cost of operating a less competitive one.
New teams were to be encouraged in to ensure a full grid of 24 cars, rather than 20 at present.
The last new team to enter the sport was Japanese car giant Toyota in 2002, paying $50 million just to secure their slot, but the smaller Prost and Arrows teams have folded in the meantime.
Some of the teams, such as Ferrari and Toyota, have estimated annual budgets in excess of $300 million while smaller ones such as Jordan and Minardi get by with a fraction of that.
However even the likes of Jordan have to pay around $1 million a race for their engines.
The proposals called for private testing to be slashed back, limited by mileage rather than the number of days and enforced by the use of an FIA controlled electronic control unit in cars.
The FIA said final proposals would be submitted to its world motor sport council on June 30, 2004.
Under the confidential Concorde Agreement governing the sport, the FIA must announce the technical regulations for the 2008 season by December 31, 2005.
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