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Tuesday, October 21, 2008

FIA, FOTA reach agreement to cut costs

The FIA and the Formula One Teams’ Association (FOTA) issued a joint statement today claiming to have reached a cost-saving agreement for the 2009 and 2010 seasons.

“Today’s meeting in Geneva has produced significant cost savings for 2009 and 2010.

FOTA are working urgently on further proposals for 2010 and thereafter.”

Max Mosley met with FOTA today in Geneva looking to address the cost of competing in F1 in light of the current economic crisis.

No details were released on the agreement, but the BBC, citing unnamed officials of three F1 teams, said the cost of engines supplied to independents will be capped at $13.2m annually.

Additionally, those engines will last three race weekends instead of the current two.

Mosley has been pushing for a spec engine, and the FIA has opened “the tender process for the appointment of a third party supplier of engines and transmission systems to be used by competitors in the 2010, 2011 and 2012 FIA Formula One World Championship” as of last Friday.

No word on whether FOTA was able to table that issue.

The teams will meet again during the Brazilian Grand Prix to discuss testing for 2009, and the FIA and FOTA plan to meet after the race to discuss chassis rules from 2010, the BBC reports. Don't miss the top stories of the day, subscribe to the SpeedRead Web newspaper now! -- Email SpeedRead -- Learn more about author C.D. Six


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