FIA and FOTA agree to reduce costs

Max Mosley, representing the FIA, and the Formula 1 teams through their association, the FOTA, believe that the cost reduction measures agreed upon between them in Monaco this week will ensure the sport’s prosperity.

The president of the FIA, Max Mosley, met with the teams on Wednesday, December 10, to work on a series of cost-cutting measures to be applied next year and in 2010. According to the Briton, the sport will survive.

Even though no details were revealed, the FIA and FOTA issued a joint statement asserting that the meeting was a success that everyone will remember.

The statement asserts that the agreed measures will achieve the cost-cutting goals, which Mosley explained in a letter sent to the teams in July. He had stated that the cost-cutting measures would not only provide a financial boost but that Formula 1 would remain at the pinnacle of motorsport.

The measures will now be submitted to the FIA World Council this Friday, after which all details will be published.

These will include a dramatic reduction in the number of kilometers in testing, aiming to limit wind tunnel development as well as the use of standard parts.

Mosley declared: « I am pleased with the outcome of this meeting. »

FOTA president Luca di Montezemolo added: « The unity of the teams is fundamental to achieving the goals of a new Formula 1 but with the same DNA, as requested by the FIA. »