FIA and FOTA reach cost-cutting agreement 

Written by David on October 22nd, 2008 at 1:21 pmLast Update: October 22nd, 2008 at 1:24 pm

Luca Cordero di MontezemoloF1′s governing body, the FIA, and the FOTA (Formula One Teams’ Association) have reached an agreement on Tuesday in order to cut Formula One costs. According to reports, the agreement is based on four key points. From 2009 season, the engines will be used at least for 3 races, instead of the current 2. The manufacturers will provide to teams 25 engine units at a fixed price of 10 million euros. During the Brazilian Grand Prix, KERS and cost-cutting measures related to the car’s chassis will also be discussed.

The meeting was attended by FIA President Max Mosley, FOTA President Luca Cordero di Montezemolo and FOTA vice-president John Howett. “Today’s meeting in Geneva has produced significant cost savings for 2009 and 2010. FOTA are working urgently on further proposals for 2010 and thereafter, said the FIA statement.

The F1 Teams will have a meeting in Brazil, in two weeks time, to determine testing kilometre limits for next season. The FIA and the FOTA will meet instead at the end of the Brazilian Grand Prix to discuss measures to reduce costs related to chassis development.

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