The Automobile Club de l'Ouest (ACO) has announced a revision on the current LMP2 regulations with the aim of attracting more entrants to the class through cost-cutting measures.

The ACO, which runs Le Mans 24 Hours, has worked alongside the IMSA and FIA to draft cost-efficient regulations which can enable teams from the TUDOR United SportsCar Championship, European Le Mans Series, Asian Le Mans Series and the World Endurance Championship to compete against one another under the same LMP2 technical regulations.

The new set of regulations are expected to come into force for the start of the 2017 season.

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In a detailed report by the ACO, Pierre Fillon - president of the ACO - outlined key objectives of the new regulations and says the LMP2 class will give priority to teams and drivers rather than large manufacturers.

"We have held discussions with the chassis manufacturers and teams to find the best possible solution for the new 2017 technical regulations," Fillon said. "We must bear in mind that LMP2 is not a category for major motor manufacturers outside of North America, but that it is primarily intended for private teams and drivers. So we need therefore to build a successful business model for them as well as for the chassis and engine manufacturers.

"We are also pursuing this same economy of scale for the electronics (unique equipment) and chassis (limited number of manufacturers) while taking care to maintain the variety of different cars which is so important to our fans.

"The priority is to achieve cost reductions in LMP2 in the order of 20% without altering the competitiveness of these racing cars which can be run in North America, Asia and Europe."

The draft proposals point towards the use of four chassis manufacturers, including one from North America, and the use of a single electronics and engine supplier.

The proposals will be scrutinised over the summer with a final decision expected by the end of 2015.