Formula One's governing body has proposed radical cost-cutting measures, including the possible use of standard engines from 2010, to help teams survive the global financial storm.
In a letter to the 10 teams ahead of a meeting with International Automobile Federation (FIA) President Max Mosley in Geneva next week, and seen by Reuters Wednesday, the governing body put forward a five-year plan of action.
"The FIA believes that Formula One costs are unsustainable," it said.
"Even before current global financial problems, teams were spending far more than their incomes.... More >
The NBA has been weathering the global financial crisis by cutting the number of pre-season games in Europe this year, Commissioner David Stern told reporters on Friday.
"W...More>
The Australian Open has so far skirted the global financial crisis, with early demand for tickets and corporate boxes increasing, Tennis Australia Chief Executive Officer Stev...More>
The sale of the Chicago Cubs may be delayed by the global financial crisis unless owner Tribune Co is willing to accept a lower price for the storied baseball team, people inv...More>
Liverpool could still end up in the hands of Dubai's ruling family regardless of their proposed takeover of Charlton.
The Championship club last week announced the receipt ...More>
The global financial crisis may affect Russia's preparations to host the 2014 Winter Olympics and require the state to step in with more cash, Interfax news agency quoted a se...More>
English Premier League chief executive Richard Scudamore said Thursday the structure of the game is sustainable despite the global financial crisis.
"People need to be real...More>
The present world financial crisis that has forced the Portuguese government to cancel capital works projects including a new airport for Lisbon and the TGV train, does not ...More>
