Cost-cutting plan agreed for F1 11/12/2008 |
|
| |
| |
Formula One's teams and governing body the International Automobile Federation (FIA) have agreed key cost-cutting measures for the next two seasons.
The packages come after Japanese manufacturer Honda pulled out of F1.
The Formula One Teams Association (Fota) said as well as a package for 2010, an agreement for a cost-cutting plan for 2009 had also been reached.
The details will be released on Friday after it has been approved by the FIA's World Motor Sport Council.
"Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter," said the FIA in a statement.
"In addition to which Fota have now made proposals for very significant cost saving in 2009, while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal."
Ferrari and Fota president Luca di Montezemolo added in the statement: "The unity of the teams was fundamental to meeting the goals for a new F1, but with the same DNA, as requested by the FIA."
FIA chief Max Mosley said: "I am delighted with the outcome of this meeting."
Mosley had wanted the teams to use a standard engine and gearbox from 2010 to help cut their costs by up to 80%.
While Fota is committed to dramatically cutting the operating costs of the teams, it was opposed to the idea of one manufacturer, Cosworth, providing a standard engine for all the teams.
A complete "powertrain" - with an engine supplied by Cosworth and gearbox from Xtrac and Ricardo - would cost the teams an initial up-front payment of £1.68m.
The teams could build their own engines to the same specification as the Cosworth, or continue to use their existing units, but on a par in terms of performance.
That would be followed by a fee of £5.4m per season over the three years of the agreement, running from 2010 through to 2012.
Such a figure is around 10% of what teams have spent on engines in recent years.
Vijay Mallya, the boss of the Force India team, said he supported Mosley's proposal "totally".
"What we need to do is basically cut the chord to suit the cloth," he added. "That's why I welcome Max Mosley's initiative to ensure the costs are brought down considerably."
Ferrari and Toyota have previously threatened to quit the sport if a standard engine was to be introduced.
Yet all the teams are committed to dramatically reducing their operating costs, particularly in the light of Honda's pull-out.
(Source: BBC Sport)
|
| Back |
| |
| |
|
|
 |
Advertisement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
