Parr: New cost cuts will keep teams in F1

That is the view of Williams CEO Adam Parr, who thinks that the raft of measures approved by the FIA and teams will make 'a huge difference' in convincing car makers to stay in the sport.

And Parr has even gone as far as softening his belief from last week, when he said that he expected another team to quit the sport before the start of the 2009 season.

When asked about his views on that matter, Parr told autosport.com: "My intention in saying that was that in this environment you cannot rule out the possibility of someone who is in Formula One for primarily marketing purposes, they look at the cost/benefit ratio and says it doesn't make sense any more. However, that doesn't mean that I know of a team who are thinking of leaving.

"I think yesterday's meeting will go a long way to addressing this. As far I am concerned, everybody who is in Formula One today is fully intending to be in F1 in the future.

"I think what we achieved yesterday in terms of a clear pathway to reduce costs will make a huge difference."

Parr also suggests that if the new cost-cutting measures had been introduced sooner then Honda may have even been convinced to stick it out.

"Maybe it was just bad luck on timing," he explained. "Maybe if we were six months down the road with these cost savings initiatives, and maybe if Ross (Brawn) and his team had come out with a better car next year and there was a clear way to reduce cost, then maybe Honda will have said we will stay in."

Although no details of what the cost-cutting measures are have been released, it is understood they include a reduction in testing, limits on wind tunnel running and aerodynamic development, and the move to a more compact engine from 2013.

The rules are due to be rubber stamped by the FIA World Motor Sport Council tomorrow.