The Formula One Teams Association (FOTA) has agreed to implement two major FIA-approved proposals to reduce costs in Formula One after its executive committee met at Heathrow today.
The FIA World Motorsport Council unveiled a radical package of cost-cutting measures last December in the wake of Honda’s exit from the sport [see HERE].
Today the teams affirmed their commitment to two of those measures: a total ban on in-season testing to be introduced with immediate effect and a reduction in gearbox and engine costs from 2010.
“The teams detailed and signed a comprehensive Aerodynamic Test Restrictions Agreement, effective in 2009,” said a FOTA statement.
“FOTA also reaffirmed its commitment to a â‚¬5 million engine supply from 2010 for independent teams, who have expressed their agreement with and support for this arrangement.”
FOTA will continue to explore budget reductions in technical areas as well as changes to the sporting regulations.
“The FOTA Technical Regulations Working Group will now conclude the elimination of expensive materials and identify further opportunities to reduce the cost of components and systems which do not deliver performance differentiation.”
“All of the Teams are committed to working together in a rational and systematic manner, within the framework of FOTA to effectively reduce the costs inherent to Formula One.
“The same approach will now be used to improve the spectacle of the sport, following the outcome of the FOTA commissioned market research.”
The teams also pledged their support to the owner-to-be of Honda Racing.
“All of the Teams present wished to express their support for the entrant currently known as Honda and they will agree to any name change registered.”