F1 bosses hail landmark meeting a success

A new Formula One is on the brink of being unearthed following a landmark meeting today in Monte Carlo.

FIA president Max Mosley and the Formula One Teams’ Association (FOTA) emerged from a four-hour brainstorming session which has been described as “the most successful meeting on Formula One matters any of the participants can remember”.

Agreement has been reached on measures to meet all the objectives originally proposed by Mosley for 2010 and beyond.

That clearly suggests at least four teams – as demanded by Mosley – have signed up to use a standardised engine, to be produced by Cosworth, for three years from 2010.

Along with a standard gearbox, the entire powertrain will cost an initial up-front payment of £1.68m (€1.9m), followed by a fee of £5.49m (€6.23m) per season over the term of the agreement.

Mosley had issued a deadline of tomorrow for teams to comply with his proposal, his edict coming in the wake of Honda’s demise.

The Japanese manufacturing giant pulled out of F1 last Friday citing the global economic downturn which had led to a dramatic slump in car sales.

Their withdrawal had sparked fears other teams would follow and that F1 as a sport would be in jeopardy.

But Mosley, who has long cited that the costs of F1 were becoming “unsustainable”, has acted quickly to prevent a potential crisis.

Other cost-cutting measures that have likely been agreed to include a reduction in testing, along with a limit on wind-tunnel time and aerodynamic development.

The meeting has also led to FOTA making proposals “relating to very significant cost savings in 2009, while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal”.

The decisions made should lead to Mosley’s demand of seeing teams operate on annual budgets of £30-40m (€34-45m), rather than the staggering £200-300m (€227-340m) at present.

All the proposals will now go before the FIA World Motor Sport Council in Monte Carlo on Friday where they are expected to be fully endorsed.

A naturally ebullient Mosley said: “I am delighted with the outcome of this meeting.”

FOTA president Luca di Montezemolo added: “The unity of the teams was fundamental to meeting the goals for a new Formula One, but with the same DNA, as requested by the FIA.”

Earlier in the day, Mosley had spoken to PA Sport about his fears for the future of F1 and the possibility of another manufacturer pulling out.

“I don’t think F1 is teetering one way or the other in terms of bust or survival, but if things get worse in the car industry then it could be,” commented Mosley.

“At the moment nobody can say we are seeing the bottom and that it will improve.

“All the stock markets are up in the last two or three days, and they may think things are going to get better.

“They may be right, but then again they may be wrong. The thing is we literally don’t know.

“If things get better for the car industry, then that’s fine, we are through the worst. We would just need to sort out Formula One.

“If things get worse, then our problems will get worse.

“But at present I haven’t heard anything specific as to whether another manufacturer will pull out. Again, I don’t think anybody knows.

“But if the situation does get worse for the car manufacturers then we will lose another one.

“Whether that would be before the season starts is difficult to say. We are in unknown territory.”

Today’s positive meeting would appear to indicate fears are slowly being allayed, and that F1 has a strong future providing cost cuts are adhered to.

Fernando Alonso, meanwhile, who had considered joining Honda prior to agreeing to remain at Renault, was left stunned at their departure.

“It’s a shame,” said Alonso, who was back behind the wheel of his car today at a test session in Jerez for the first time since the Brazilian Grand Prix on November 2.

“It was a surprise for me and for most of the people in the paddock because Honda has been in Formula One for a long time and is one of the biggest teams in F1.

“But it was not an easy decision for them to make and hopefully no more teams make the same decision.”

Alonso firmly believes no other teams will exit the sport as FOTA and the FIA continue to find ways to save money.

“All of the teams now agree to reduce the costs and find a solution to spend less money,” added Alonso.

“I’m sure they will find them. There are plenty of ways to reduce the budgets of teams without them reaching the point of leaving F1.”