Today's FOTA meeting

The FOTA Executive Committee met today at Heathrow to further progress the cost-reducing initiatives already discussed in Monte Carlo in December. All the members unanimously agreed a number of important principles and signed a comprehensive aerodynamic testing restrictions agreement. The teams also agreed that they would develop and freeze low cost transmissions for the 2010-12 which will have a lige of six races and will be priced at $2m per season per team. The teams also reaffirmed their commitment to a $6.7m engine supply from 2010 for the independent teams.

The FOTA Technical Regulations Working Group will now conclude the elimination of expensive materials and identify further opportunities to reduce the cost of components and systems which do not deliver performance differentiation.

All of the teams present also expressed their support for the entrant currently known as Honda and they will agree to any name change registered.

The teams say that they are committed to working together in a rational and systematic manner, within the framework of FOTA, to reduce the costs of F1 but they intend also improve the spectacle of the sport, following the outcome of FOTA-commissioned market research.

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