9 Jan 2009

Cost cuts must be made for Formula One to survive

10:39 am on 9 January 2009

Formula One's governing body has urged teams to build on cost-cutting measures for this year and says big changes must come in 2010 for the sport to continue in the face of the global financial crisis.

International Automobile Federation president Max Mosley says costs must be reduced so a team can operate profitably surviving on Formula One Management money and moderate sponsorship.

After Honda pulled out of the championship fears remain another of the manufacturers could also decide to withdraw.