"Mark brings outstanding knowledge and experience to our board. He is also truly independent now that he no longer has any contractual ties to either GM, HRT or HSV. He, of course, will continue in his role on the central commentary team for our Seven Network and international telecast of the championship and I have absolutely no problem with Mark undertaking a drive in the two endurance races this year, should he choose to do so, as I think it will give an amazing enhancement to the telecast coverage from a totally unique prospective. I welcome Mark to the board and to his valued council."

Skaife's appointment will play an important role as the series attempts to define its 'car of the future', with only engine layout and cost ceiling set in stone at present.

"The board has also decided, with the announcement of Mark as a board director, to appoint him as chairman of this very important committee," Cochrane revealed, "He will be joined on this committee by one Holden and one Ford director, as well as the CTD and myself as executive chairman, [and] will have the power to co-opt additional people to act in an advisory capacity on this committee as he sees fit from time to time. This committee will report back to the board in September with a view to putting their findings to a team owners' forum in November.

"This committee has as wide a brief as possible and will talk to as many manufacturers as possible. Our only stipulations going forward is that it has some type of V8 engine as a power plant and that the new COF has a top end price of $250,000 cost to our teams."

Limiting costs, Cochrane admitted, should make the teams healthier financially rather than providing the opportunity for more operations to come in.

"Without increasing the team franchises - indeed, I remain a firm supporter of reducing them to 28 - the probable increase in manufacturer support and the sharp reduction in the cost of the cars will result in a much stronger financial position going forward for all our teams," he insisted, "It is envisaged that the first year of racing with the COF will be season 2012, however an introduction, perhaps by some way of phasing it in, could be in place by 2011. The final decision on timing will come in the first quarter of next year."

Welcoming the new ten-year agreement with the Northern Territory government to continue racing at Hidden Valley in Darwin, Cochrane revealed details of next year's calendar, which could feature a radical change to its schedule.

"I did announce at the team's forum [that] we are considering splitting the calendar next year into two phases, with a mid-year break in late July through to mid-September," he announced, "Despite the global financial situation, we still remain highly sought out as a championship. Certainly, the possibility exists for us to expand either next year or the year after to 16 events. We will make further calendar announcements in the coming months."

Whatever happens to his plans, however, Cochrane insists that the future remains rosy.

"I have read with interest some of the utter garbage written about some type of 'crisis' engulfing our sport," he concluded, "Let me assure everyone and the wider motorsport community, V8 Supercars has an extremely strong management team, a strong and cohesive board, a solid financial position – the envy of many sports with almost no borrowings, and an exciting and prosperous future. There are no leadership concerns in V8 Supercars."