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Page last updated at 18:52 GMT, Tuesday, 21 October 2008 19:52 UK

F1 teams agree cost-cutting deal

Ferrari's Felipe Massa leads the field at the start of the Turkish Grand Prix
Further cost reductions could come in time for the 2010 season

The FIA and representatives of Formula One teams have agreed to cut costs for smaller teams from next season.

FIA president Max Mosley and Ferrari chairman Luca di Montezemolo said the agreement would produce "significant cost savings for 2009 and 2010".

Officials of three teams, speaking anonymously, said the cost of engines supplied to independent teams will be capped at around $13.2m (7.8m) a year.

The engines will also run for three instead of two race weekends.

The FIA said in a joint statement with the Formula One Teams Association (Fota) after a meeting in Geneva that the teams were "working urgently on further proposals for 2010 and thereafter".

Mosley said earlier this month that, even without the global credit crunch, the sport had become unsustainable at the current levels of spending.

The teams will meet during the Brazilian Grand Prix between 31 October and 2 November to discuss changing the testing mileage from 2009, the team officials said.

The FIA and Fota will meet again after the race to modify the rules for chassis design from 2010.

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see also
Mosley urges F1 cost & fuel cuts
04 Jul 08 |  Formula One
Manufacturer team 'could quit F1'
09 Oct 08 |  Formula One
Mosley wants action to 'save' F1
07 Oct 08 |  Formula One
F1 chiefs agree to form new body
30 Jul 08 |  Formula One

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