F1 »

FIA, FOTA come to F1 cost-cutting agreement.

The meeting held between Formula 1's governing body, the FIA, and the Formula One Teams' Association (FOTA) in Monaco today has reportedly reached a successful conclusion regarding cost-cutting measures to be implemented within the sport over the upcoming years.

The reunion was convened as a means of holding crisis talks in the wake of escalating expenditure in the top flight and – most worryingly of all recently – Honda's shock announcement on Friday that it is to pull out with immediate effect.

The main sticking point in discussions henceforth had been FIA President Max Mosley's desire to introduce a standardised, low-cost engine into F1, supplied by Cosworth, but the manufacturers had been staunchly opposed to such a move, arguing it would take away their very raison d'être for competition.

Though no exact details have yet been revealed about the agreements that have been made – with the proposals set to go before the World Motor Sport Council on Friday for final ratification before coming into force – a statement read that the 'FIA and FOTA have had the most successful meeting on Formula 1 matters which any of the participants can remember'.

'Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter,' the statement continued, 'in addition to which FOTA have now made proposals for very significant cost-saving in 2009, while maintaining Formula 1 at the pinnacle of motorsport and reinforcing its appeal.'

Mosley expressed that he was 'delighted with the outcome of this meeting', whilst Ferrari and FOTA President Luca di Montezemolo remarked: “The unity of the teams was fundamental to meeting the goals for a new Formula 1, but with the same DNA, as requested by the FIA.”

Related Pictures

Click on relevant pic to enlarge
FIA flag. British Formula One Grand Prix.Silverstone, UK.July 8th 2007.
George Russell, Mercedes junior programme, [Credit: Mercedes]
Kevin Magnussen - Haas F1 Team [credit: Haas F1 Team]
Valtteri Bottas, Nico Rosberg
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Motorsport in 30 Seconds, 11th January 2017
Ayrton Senna - McLaren. 1993 Donington Park
Nico Hulkenberg - Renault Sport F1
Renault Formula One Team, launch date, [Credit: Renault F1]
Force India reveals the launch date for its 2017 F1 challenge
Nigel Mansell - McLaren-Mercedes
Lewis Hamilton and Valtteri Bottas
M-Sport reveals its Ford Fiesta RS WRC challenger
Who will replace Nico Rosberg at Mercedes?
Who will replace Nico Rosberg at Mercedes?

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.

Tim M - Unregistered

December 10, 2008 10:10 PM

The only way this can work is for the manufacturers ( Merc, Renault, Ferrari, BMW and Toyota) to continue with restricted developement on their own engines and for Cosworth to provide anybody else who can't get a deal with one of the manufacturers. I just cannot see the manufacturers using Cosworth engines---that is not what F1 is about.

© 1999 - 2017 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.