11 Dec 2008

FIA and F1 teams agree cost-cutting package

10:54 am on 11 December 2008

Formula One's world governing body says it and and the Team Owners' Association have agreed significant cost cuts from next year.

The proposals will be put to the FIA's World Motor Sport Council tomorrow for final approval, after which details will be released.

The FIA President Max Mosley has been pushing for the introduction of a standard low-cost engine from 2010, and says he's delighted with the outcome.

The meeting was seen as crucial for the stability of Formula One in the face of the global credit crunch, with the sport still reeling from Honda's announcement last week that it was pulling out.