Owners give green light to plan for cheaper, more exciting F1

TEAM owners yesterday gave the green light to plans for a cheaper and more exciting Formula One with their "virtually complete acceptance" of "revolutionary" new rules.

Owners met FIA president Max Mosley in Monaco yesterday to discuss the Englishman's radical plans for the sport, which include banning high-tech driver aids and reducing costs.

Mosley last month outlined his vision for Formula One from 2008 onwards when the Concorde Agreement which governs the sport needs rewriting.