The Formula One teams sent their representatives to Monaco for an important meeting which took place today with FIA President Max Mosley. Its purpose: securing the future of Formula One by agreeing on important cost-cutting measures.

Following the discussions and proposals thrown around the table, the parties have indicated that an important agreement has been reached to introduce "very significant cost saving in 2009."

The FIA and FOTA issued a joint press release which indicates a great deal of optimism on both sides, calling it the "most successful meeting" in quite a while. Following Honda's surprise pullout of Formula One due to the global economic situation, it seems the urgency of the matter has been made evident.

The items making up the agreement will be presented to the FIA's World Motor Sport Council this Friday, with detailed information regarding the measures made public afterwards.

Joint statement - FIA and FOTA meeting:

FIA and FOTA have had the most successful meeting on Formula One matters which any of the participants can remember.


Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter 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.

These proposals will be put to the FIA WMSC on Friday following which full details will be released.

FIA President Max Mosley said, "I am delighted with the outcome of this meeting."

FOTA President Luca di Montezemolo said, "The unity of the teams was fundamental to meeting the goals for a new Formula One, but with the same DNA, as requested by the FIA."

Daniel BASTIEN
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