FIA outline plan to save €1.1bn

FIA president Max Mosley believes Formula One took its first step towards salvation yesterday by introducing a raft of ideas designed to save over €1.1 billion per season.

Drastic action has been forced upon the sport in the wake of the global economic crisis which last Friday sparked Honda’s shock withdrawal.

Just seven days ago there were heightened fears for the entire future of Formula One. But the FIA, uniting with the Formula One Teams’ Association (FOTA), are to implement a wide range of cost cuts from next year.