Whitmarsh: F1 must slash costs

By Edd Straw Friday, December 5th 2008, 13:56 GMT

McLaren Group chief operating officer Martin Whitmarsh has emphasised the need for Formula One to slash costs drastically in the wake of Honda's decision to quit Formula One.

Reacting to news of Honda putting its team up for sale, Whitmarsh said he was confident that drastic cost cutting proposals unanimously agreed in Thursday's Formula One Teams Association (FOTA) meeting in London, will allow the sport to weather the economic crisis.

"Clearly, in the current economic climate, Formula One faces a significant commercial challenge," said Whitmarsh. "But, on a positive note, yesterday's FOTA meeting in London was very constructive.

"So, acting together in the context of FOTA, and in co-operation with the FIA and FOM, the teams will continue to work hard to adapt the cost structure of the sport so that it can pull through the global economic downturn and remain in good health throughout these turbulent times."

Whitmarsh also echoed the sentiments of today's FOTA statement, which expressed a hope that the team could continue to compete next year under new ownership.

"Everyone at Vodafone McLaren Mercedes is very saddened by the announcement made by the Honda Motor Company this morning. It goes without saying that we hope a satisfactory resolution can be found."