FIA and FOTA united on cost cutting

The FIA and the Formula One Teams’ Association (FOTA) today enjoyed one of the most successful meetings in recent years as they agreed on a range of cost cutting proposals to ensure the sustainability of Formula One amid the global financial downturn.

FIA President Max Mosley met with the teams in Monaco to work through cost-cutting proposals for immediate implementation ahead of the 2009 season as well as longer-term measures for 2010.

The details of these proposals have yet to be made public but a reduction in testing and restrictions on aerodynamic development are believed to be on the agenda.

A joint-statement was issued by FIA and the teams saying: FIA and FOTA have had the most successful meeting on Formula One matters which any of the participants can remember.”

“Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter in addition to which FOTA have now made proposals for very significant cost saving in 2009 while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal.”

The proposals will be put to the FIA World Motor Sport Council on Friday.

FIA President Max Mosley said, “I am delighted with the outcome of this meeting.”

FOTA President Luca di Montezemolo said,”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. “

It is not yet known if standard engine units will be implemented next year, an option that Max Mosley is eager to pursue. The picture will be clearer after tomorrow’s deadline for teams to submit their application for the standard engine.