Formula One heads agree to cut costs

A NEW Formula One is on the brink of being unearthed following a landmark meeting yesterday 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.