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FIA, FOTA agree to cut costs.

The FIA, Formula 1's governing body, has announced that 'significant cost savings' will be introduced in 2009 and 2010, following the meeting in Geneva today [Tuesday] between the powers that be and the F1 teams.

A joint statement read:

"Today's meeting in Geneva has produced significant cost savings for 2009 and 2010.

"FOTA [Formula One Teams' Association] are working urgently on further proposals for 2010 and thereafter."

No details on the steps that will be taken were released, however yesterday the FIA did publish what would be on the agenda [see separate story – click here].

More to follow as and when we get it...


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Jim C USA - Unregistered

October 22, 2008 4:55 AM

I've been a motorsports fan for some 55 years. Growing up in the U.S., I didn't discover F1 until the mid sixties. I was immediately smitten. The best of the best. Nothing spared. No challenge too great. That included finding the money to compete at the highest level, which I still consider part of the competition in F1. It would be a sad day, for me anyway, to see F1 denigrate to something less for the dubious contention of "cost cutting". I've witnessed the open wheel series (IRL) in the U.S. become a shell of what once was arguably a close second (CART) to F1. All under the guise of cost cutting.



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