Jordan Calls for Cost-Cutting Measures

Team boss Eddie Jordan has warned that Formula One racing could disappear if the costs of competing are not drastically reduced soon.

Formula One has never been successful at belt tightening but some teams are already making radical changes in order to guarantee the reduction of costs and thus their survival.

Jordan, a team who don't have to pay for their Honda engines, this week announced a reduction of up to 15 percent of their staff as they try to cope with the difficult financial situation that already saw the Prost team being liquidated earlier this year.

The teams will being their battle to beat the recession by adopting radical new rules in 2004, most notably with the introduction of the one engine per weekend rule.

But Jordan has warned that Formula One needs to minimise the costs as much as possible if the Championship is to survive.

"We do not want a handout from the bigger teams; we would just like to see a fair view for everyone because we need to be prudent about where this goes," Jordan told this week's Autosport magazine. "We have to take notice of it now.

"We have to make sure the show is absolutely the best, make it better if possible and try to minimise costs, or F1 as we have known it for 50 years will disappear."