5 Feb 2009

FIA plans further cost cutting for F1

2:08 pm on 5 February 2009

Formula One's governing body has proposed further cost cutting measures that will allow teams to compete in 2010 on less than a quarter of the amount some were spending last season.

An FIA spokesman says their target is to get the cost of competing down to $125 million for everyone, including the manufacturer teams.

The new target will be tiny compared to most current team budgets, with some manufacturers such as now-departed Honda estimated to have spent more than $750 million last season.

The FIA and the Formula One Teams Association have already agreed a package of cost-cutting measures for 2009, focusing on longer-lasting engines, limits on aerodynamic development and a ban on testing during the season.