The executive committee of Formula One Teams' Association (FOTA) convened Thursday at Heathrow Airport, west of London, in a meeting that produced unanimous agreement about further cost-cutting measures in the sport. Teams earlier had agreed to ...
The executive committee of Formula One Teams' Association (FOTA) convened Thursday at Heathrow Airport, west of London, in a meeting that produced unanimous agreement about further cost-cutting measures in the sport. Teams earlier had agreed to savings including doubling engine life in 2009.
The teams agreed on an Aerodynamic Test Restrictions Agreement, for implementation this season, that will eliminate in-season testing. They agreed to develop and freeze low-cost transmissions for the 2010 through 2012 seasons. Gearboxes would be used for six races and be priced at $2.25 million per team each season. Teams agreed to keep engine-supply costs to the independents at $7.5 million per season from 2010, a figure independents agreed to.
FOTA's Technical Regulations Working Group will pursue eliminating use of expensive materials and will look for other ways to cut costs on components and systems that do not provide "performance differentiation."
Teams also expressed support that the team recently put up for sale last month by Honda will continue in the sport.
"All of the teams are committed to working together in a rational and systematic manner, within the framework of FOTA, to effectively reduce the costs inherent to Formula One," read a statement issued after the meeting. "The same approach will now be used to improve the spectacle of the sport, following the outcome of the FOTA-commissioned market research."
Ahead of the meeting, FOTA president Luca di Montezemelo, president of Ferrari, received a letter from FIA president Max Mosley that urged FOTA to make further cuts following others made last month. Mosley wants teams to run profitably on Formula One Management-generated funds with "moderate" sponsorship.
Cuts made to staff and operating budgets will be directly quantifiable. Cuts to components and systems will have a knock-on effect that might not be followed as closely. Much of the U.S. representation in the sport can be found in high-tech systems and components.
The season begins at the end of March in Australia.