FOTA agrees cost-cutting plan

The body and the FIA had approved the measures in December, but met today to finalise the ideas and ensure there were detailed plans in place for them to be implemented.

Limitations to aerodynamic testing will be introduced with immediate effect, while from 2010 gearbox and engine costs will be significantly reduced - satisfying two of FIA president Max Mosley's key requirements for budget-cutting changes.

"The teams detailed and signed a comprehensive Aerodynamic Test Restrictions Agreement, effective in 2009," said a FOTA statement.

"Furthermore, the Teams agreed that they would develop and freeze low cost transmissions for the 2010/12 seasons which would have a six race life, priced at €1.5 million per season per team.

"FOTA also reaffirmed its commitment to a €5 million engine supply from 2010 for independent teams, who have expressed their agreement with and support for this arrangement."

The statement added that FOTA would continue to work on other technical areas where budgets could be reduced, as well as possible changes to the sporting regulations.

"The FOTA Technical Regulations Working Group will now conclude the elimination of expensive materials and identify further opportunities to reduce the cost of components and systems which do not deliver performance differentiation," it said.

"All of the Teams are committed to working together in a rational and systematic manner, within the framework of FOTA to effectively reduce the costs inherent to Formula One.

"The same approach will now be used to improve the spectacle of the sport, following the outcome of the FOTA commissioned market research."

The teams also agreed to co-operate with any buyer for the Honda Racing team, and to support any name change requested should a takeover succeed.

"All of the Teams present wished to express their support for the entrant currently known as Honda and they will agree to any name change registered," said the FOTA statement.

According to sources, the talks saw a great deal of unity between teams and a desire to continue working together to achieve their aims.

The meeting was attended by all current teams except Force India.