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22nd October 2008

A meeting between the FIA and the Formula One Teams Association (FOTA) is reported to have resulted in an agreement to drastically reduce cost of competing in the FIA Formula One World Championship including the approval of some measures that will come into force in 2009.

A joint statement released on Tuesday on behalf of the two organisations said, "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."

Although no further details of the agreement have been released it is thought that measures agreed include the increase of the service life of engines from two races to three in 2009, a requirement that the car manufacturers must be prepared to make engines available to customer teams at a cost of 10 million Euros and a limit on the amount of track testing during 2009.

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