10 Dec 2008

F1 looks set to adopt cost cutting measures

5:55 am on 10 December 2008

Formula One looks likely to accept radical plans for a low-cost standard engine when teams and the governing FIA meet in Monaco this week to map out a survival strategy for the sport.

Formula One sources say five teams, including former champions Renault, have expressed interest in the governing FIA's proposals.

It comes after Honda's shock decision last week to quit the championship, a move that would leave just nine teams and has prompted fears of other manufacturers being blown out by the global economic storm.

One team source said the meetings were crucial for the long-term future of the sport.

Mosley said he would like to see costs come down to 10 or 20 percent of what they are now, with annual budgets reduced to around the 70 million dollar bracket from well in excess of 220 million dollars at present for the smallest of teams.

The FIA has put forward the option of a low-cost powertrain, provided by Cosworth, Xtrac and Ricardo Transmissions, from 2010.

While the cost was dependent on at least four teams signing up for the powertrain by Friday, manufacturers would also have the option to build their own engines to the same specification as the Cosworth or have their existing units pegged to its performance.

The World Motor Sport Council may also discuss Formula One supremo Bernie Ecclestone's proposal for the drivers' championship to be decided by Olympic-style medals rather than points.