WilliamsF1 chief executive Adam Parr has hailed the efforts of both motor racing's governing body, the FIA, and the recently-formed teams' body, FOTA, in hammering out a money-saving way forward for Formula One.

Although the two sides have frequently not seen eye-to-eye, they realised the necessity of finding a common direction following the unexpected news that Honda was to withdraw from F1 with immediate effect, and used an emergency summit, convened ahead of Friday's World Motor Sport Council meeting in Monaco to produce a blueprint for the future.

Building on discussions held in the weeks preceding Honda's exit, the two parties agreed on proposals which could save the biggest, manufacturer-owned, teams save as much as a third of their current budgets - estimated to represent ?40m annually - from next season, with the smaller, independent, outfits such as Williams potentially benefitting even more [see separate story HERE for full list of proposals].

The introduction of a standard gearbox, doubling required engine life and placing stringent restrictions and bans on various areas of development, including testing, as well as limiting the cost of customer engines should all help to keep spending in check

"The FIA and a number of teams recognised the need to reduce costs over a year ago, while at the same time maintaining what F1 is really all about," Parr told Britain's Financial Times.

"The engine is one of the great successes of FOTA's short existence. In a few weeks, we have been able to double the life of the engine and to do that in a way that enhances the technology that we are using and reduces the cost. It's a tribute to what FOTA is capable of that we have been able to do this in such a short time."

Parr had earlier admitted to over-reacting to Honda's exit, confessing that he had made 'stupid' comments suggesting that other teams faced following the Japanese marque out of Formula One before the start of next season which, he conceded, only added to the hype about the extent of the effect the credit crisis could have on the sport.

"It was a stupid thing to say, not because I necessarily think it's wrong, but because it wasn't constructive," he told the Press Association, "When I made that comment, I meant 'is there a risk another major shareholder will decide not to be in Formula One?'. There is a risk and the sport has to be ready and prepared for that."


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