The Formula One Teams' Association (FOTA) has met in Geneva ahead of tomorrow's press conference that will outline the organisation's proposals for the future of the sport.

The principal two topics on the agenda of all discussions since FOTA was set up towards the end of last season have been the necessity of cost-cutting - to the extent where all teams will eventually be able to operate on an annual budget of in the region of ?30 million - and the importance of spicing up the show in the top flight.

Ideas aimed at ensuring both objectives are achieved will be revealed to the media and public alike at 10:30am GMT on Thursday, during a reunion that will take place at the B?timent des Forces Motrices in the Swiss city.

Alongside FOTA President Luca di Montezemolo, also in attendance at Wednesday's meeting were team chiefs Ron Dennis and Martin Whitmarsh (McLaren-Mercedes), Stefano Domenicali (Ferrari), Dr Mario Theissen (BMW-Sauber), Flavio Briatore and Cyril Abiteboul (Renault), John Howett and Tadashi Yamashima (Toyota), Christian Horner (Red Bull Racing), Franz Tost (Scuderia Toro Rosso), Alex Burns (Williams), Simone Perillo (FOTA secretary-general) and, interestingly, Ross Brawn, who is currently trying to finalise a deal that will save the former Honda outfit from extinction and allow the squad to take to the starting grid for the curtain-raising Australian Grand Prix in Melbourne in under four weeks' time. Only Force India chairman and managing director Vijay Mallya was missing, although the Kingfisher Airlines billionaire is expected to be present tomorrow.

A statement read as follows:

'These FOTA proposals are aimed at increasing the stability, sustainability, substance and spectacle of the sport, and have been informed by the findings of a FOTA-commissioned survey of Formula 1 audiences across 17 countries. These findings will be unveiled tomorrow.

'Following its formation last September, FOTA created three working groups, whose remit has been to focus on the technical, sporting and commercial aspects of Formula 1 and recommend developments in each of those areas, in conjunction with the FIA and FOM (Bernie Ecclestone's commercial rights company Formula One Management).'