Formula One to cut costs

Formula One bosses have come up with a ground-breaking plan to cut costs in the sport from next season onwards.

Motorsport’s governing body, the FIA, and the Formula One Teams’ Association came up with the proposals during a meeting in Switzerland.

The get-together in Geneva resulted in what is believed to be a broad agreement between the FIA and FOTA.

A joint statement released by the FIA and FOTA said the “meeting in Geneva has produced significant cost savings for 2009 and 2010.

“FOTA are working urgently on further proposals for 2010 and thereafter.”

The meeting is understood to have resulted in four developments, including increasing engine life from two to three races next season.

Customer teams are to be offered 25 engine units, at a cost of €10m, by manufacturers.

FOTA members are to meet at the Brazilian Grand Prix at the end of the month to discuss testing limits for 2009 and also the introduction of the Kinetic Energy Recovery System (KERS) for 2010 or 2011, with an option for teams to use it in 2009.

A meeting to discuss costs related to chassis development and the continued use of customer chassis in the future will be held between the FIA and FOTA after the Sao Paulo race.

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