An agreement by the Automobile Club de l'Ouest (ACO), the IMSA and the FIA has announced its plans to reinvigorate the LMP2 category by looking to reduce costs and improve stability by 2017.

The ACO revealed its five-point plan at this weekend's WEC and ELMS season opener at Silverstone, with the ultimate goal to attract more competitors to the category by ensuring more tightly-fought races.

In a statement, the ACO announced its plan to set up a 'proper business model to build and run LMP2' teams by introducing a blanket category for sportscar racing across the world. Potentially it could see LMP2 teams needing to make very minimal adjustments to race in the Asian Le Mans Series, the European Le Mans Series and the TUDOR United SportsCars Championship.

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However, the ACO confirmed these regulations wouldn't carry over into the World Endurance Championship or at the Le Mans 24 Hours race.

Pierre Fillon, Presdient of the ACO, is also aiming to limit the number of different manufacturers to push costs down and make racing in LMP2 more sustainable.

"We are in consultation with the manufacturers and the teams to find the best solution for the new 2017 regulations," Fillon said. "We must remember that LMP2 is for teams and drivers, it is not a manufacturer category outside of North America, and we must build a sustainable business model.

"The initial objective is to reduce the technical costs in LMP2 by 20% without affecting the quality of the racing and also to build cars that can be raced in America, Europe and Asia."

The ACO has been in talks with 21 manufacturers about the plans and will launch an in-depth discussion at this year's Le Mans 24 Hours race in June.