DECEMBER 4, 2008
A good meeting in London
The Formula One Teams' Association met today in London to address the relevant commercial challenges that are faced by F1. The teams had previously unanimously agreed measures that will significantly reduce costs in 2009. In today™s meeting they agreed to further measures which will result in substantial cost cutting for 2009 and 2010. The teams unanimously agreed that a new low cost engine will be introduced in 2011.
They will now formalise all these proposals with the FIA, prior to the next World Motor Sport Council meeting.