FIA and FOTA Reach Agreement

Following their meeting in Geneva yesterday, the International Automobile Federation (FIA) and Formula One Teams' Association (FOTA) agreed on a drastic plan to reduce costs for the upcoming Formula 1 seasons. The FIA released a statement yesterday stating that an agreement has been reached between President Max Mosley and team's representatives Luca di Montezemolo and John Howett.

“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,” said the FIA statement. Asked to comment more on the cost-cutting measures for 2009 and 2010, a FIA spokesman argued that it would be “inappropriate to comment at this time”.

A new meeting between FIA and FOTA representatives will get under way soon after the Brazilian Grand Prix, when other matters regarding decreasing the costs inside the sport will be discussed. While the refueling ban is unlikely to be introduced in Formula One in the near future, extending the life of an F1 engine to 3 races is expected starting 2009.

Also, it's more than likely that engine and gearbox pricing within the F1 paddock will decrease significantly starting 2009. Customer teams are currently purchasing a powerplant at 25 million euros for an entire season.

FIA also agreed on implementing the Kinetic Energy Recovery System (KERS) for the 2010 and 2011 seasons. Nevertheless, the use of this new technology is optional for 2009 also, depending on the teams and on how quickly they have developed it so far.

Proposals regarding standardized parts and power trains, as well as re-formating the sport, are believed to be discussed after Interlagos. More likely, the future meeting between FIA and FOTA will benefit from the presence of all teams' representatives within Formula 1 – unlike yesterday – and will give us a complete view of what's in store for Formula 1 in the near future.
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