World champion Lewis Hamilton has confidently predicted that Formula 1 will survive the credit crunch and emerge stronger than ever.

After years of lavish spending, the sport is feeling the impact of the global economic downturn as sponsorship budgets are slashed and plummeting road car sales prompt manufacturers to question their F1 outlays.

Honda’s shock decision to withdraw from F1 formed an alarming backdrop to this week’s high-stakes meetings in Monaco.

But the teams have agreed a package of cost-cutting measures – expected to be unveiled by the FIA World Motor Sport Council later today – which all sides are hailing as a breakthrough.

Speaking in London on Thursday, Hamilton said F1 is doing what it takes to adapt to the new economic climate and ensure a sustainable future.

“These are tough times for everyone but the sport is doing what is necessary to adapt and survive,” he told the Daily Mirror.

“We gave the fans a great show last year and I have every confidence it will be even better next year.”

The British driver added that he regretted Honda’s departure and hoped it would not leave his friend and compatriot Jenson Button without a drive.

“Honda’s decision was a disappointment to everyone who follows the sport,” he said.

“I feel very sorry for Jenson, who has been driving in F1 since I was 15.

“He’s a really good bloke and a fantastic driver and he fully deserves to stay in Formula 1.

“I only hope the Honda team finds a buyer to make sure it stays on the grid in 2009.”

While acknowledging the need to cut costs, Hamilton said he did not expect standard engines – the option favoured by FIA president Max Mosley – to be introduced in F1.

“I don’t think that is ever going to happen,” he told BBC Sport.

“I can’t see that happening simply because the manufacturers play such a huge role in the sport.”

Details of the changes to be announced later today remain opaque, but they are expected to include a raft of measures to reduce costs from 2009 – including a lower engine rev limit, engine life being extended to four races and increased testing restrictions.

It appears that the standard engine proposal has been dropped in favour of a commitment by the manufacturers to supply engines to independent teams for a fee of no more than €5m (£4.4m) per team from 2010.

Montezemolo also suggested on Thursday that the teams had signed up to a radical vision for the sport’s future beyond 2012.

“The proposals presented to President Mosley…will enable us to drastically cut costs as of the upcoming season to have a complete[ly] new Formula 1 in the year 2012, projected into the future,” he said.

“[It would be] distinguished by an innovative spirit and great attention as far as the environment is concerned, but on economic levels as in the '90s, while maintaining the fascinating challenges, which is one of the factors why this sport is one of the most popular sports in the world,” he said.

source[www.itv-f1.com]

 

Thanks for sharing this, Hamad. I'm glad to hear that the spec engine idea has been scrapped. I'm curious to see what the new outline will be for the sport, and I hope that the fans of the sport, myself included, will like the new direction the sport may take.

 

I have a feeling it'll take a lot to stop me from following F1 having said that I hope the changes do not ruin the sport