APRIL 29, 2016
F1 close to engine agreement for 2017, 2018
Contrary to reports elsewhere, it appears F1 is in fact close to agreeing changes to the engine rules for 2017.
After the strategy group and F1 Commission meetings early this week, reports suggested progress has not been made because key people were not in London.
But a source close to the FIA has told a French-language report by the AFP news agency that an agreement was in fact reached between F1's major stakeholders and the sport's governing body.
That agreement must now be rubber-stamped by F1 Commission members by late Saturday, through a fax vote.
AFP claims that with customer engine bills currently between EUR 15 and 20 million per year, FIA president Jean Todt has succeeded in getting that price reduced over the next two years.
Next year, engine bills will reportedly reduce by EUR 1 million, followed by a EUR 3 million reduction for 2018.
There has also been progress in the area of engine supply, according to the AFP report which cited a document marked 'confidential'.
It says that if a team - like Red Bull last year - is left without an engine contract for 2017, one of the four manufacturers will be selected to supply that team at a cost of EUR 12 million.