Formula One teams will be allowed to compete with greater technical freedom from next year if they accept an $80 million budget cap.
The International Automobile Federation says all teams will have the option to compete with cars built and operated within a stringent cost cap as an alternative to running under the existing rules, which are to stay until 2012.
The sport's governing body says the cost cap will cover all expenditure of any kind.
It says anything subsidised or supplied free will be deemed to have cost its full commercial value and rigorous auditing procedures will apply.
