Max Mosley on Friday derided the efforts of Formula One teams to cut costs.

Following the meeting of the FOTA alliance in Switzerland on Thursday, where bosses learned of Honda's withdrawal from the sport, the FIA President slammed their decisions as 'fiddling about' rather than getting serious about reducing spending.

In Geneva, the bosses agreed a new package of cost cutting measures, including a new engine formula for 2011 and reduced testing. But to the BBC, Mosley dismissed their efforts.

On Friday, he vowed to push ahead with the idea of standardised engines, arguing the withdrawal of Honda for economic reasons is a 'very significant warning' that drastic action is required.

"If the teams don't notice now what's happened, you have to abandon all hope for them," said Mosley.


He claims that if the team bosses were in charge of the sport, F1 would "lose one team after another and we would end up with no teams at all, or a grid that lacked all credibility."

F1 CEO Bernie Ecclestone - as ever - played down the situation. "F1 is in no bigger crisis than any other company in the world at the moment but the world won't stop, that's for sure."

E.A, Source: GMM
© CAPSIS International
source, Formula 1 : F1 Live, with F1-Live.com