Luca di Montezemolo, the chairman of the Formula One Teams' Association, says he is satisfied with the outcome of the latest meeting in London, in which the F1 teams continued to discuss ways to bring down the costs of competing in the sport.

The meeting saw the teams discussing a raft of ideas linked to bringing down costs from the 2009 season while also discussing plans for 2010 and 2011 linked to the proposals to bring a new engine into the sport.

Following the meeting, FOTA will now seek to sit down with FIA president Max Mosley to present their proposals and discuss ways in which Formula One as a show can be improved, while the teams will also seek talks with commercial rights holder Bernie Ecclestone to talk about how earnings in the sport are distributed amongst the competing teams.

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"First of all I want to say that I was very satisfied with the meeting's extremely cooperative climate," di Montezemolo said. "We unanimously took some very important decisions with short-term and mid-term impact, for the years 2009 and 2010, while we also set out a proposal for a new engine starting in 2011. We gave a further input as far as cost reduction is concerned to help especially the smaller teams over the upcoming season.

"It's a huge effort from all of us, which is important for two reasons: firstly because it wasn't planned, considering what has been planned a few weeks ago, and secondly, because it happens in a very delicate overall economical situation.

"I think that we've given an unanimous reply to the requests FIA has made several times; therefore we've shown that we have a great capacity to react and to suggest solutions, backed by all of us protagonists in Formula 1, from the big car manufacturers to the independent teams. The aim is to reach unanimous decisions, which satisfy all our requests, while we don't touch Formula 1 as a sporty and technological competition amongst teams."