The FOTA approves cost-cutting measures

Following a meeting of its executive committee in London last Thursday, the Formula 1 Teams Association (FOTA) highlighted the initiatives decided by the FIA in December and unanimously agreed on a set of measures aimed at reducing costs in the sport.

The teams signed an agreement on aerodynamic testing restrictions, effective from 2009, established a low-cost development and freeze policy for transmissions for the 2010-2012 seasons, and reaffirmed their commitment to the introduction of standard engines for 5 million euros starting in 2010.

The FOTA also confirmed that it will continue to find ways to eliminate costly materials, while aiming for an overall reduction in costs. Additionally, those present offered their support to Honda.

According to a statement from FOTA: « The FOTA Executive Committee met today, Thursday, January 8, at Heathrow to discuss progress on cost reductions. All members unanimously agreed on a number of important principles and supported the process established by FOTA. »

« After reading, the teams signed an agreement to limit aerodynamic testing, in effect in 2009. »

« Additionally, the teams agreed to develop and freeze low-cost transmissions at the dawn of the 2010/2012 seasons, which would have a lifespan of six races, at a cost of 1.5 million euros per season and per team. »

« The FOTA also reaffirmed its commitment to a 5 million euro engine from 2010 for independent teams, which have expressed interest in this initiative. »

« All the teams have committed to working together in a rational and systematic manner within the framework of FOTA to effectively reduce the inherent costs of Formula 1. The same approach will be used to improve the race spectacle. FOTA has also requested a thorough study on the matter. »