Wednesday afternoon will be decisive for the future of Formula One as teams will gather to discuss a set of proposed changes that the FIA needs to consider as cost cutting options for the sport. The Formula One Teams Association (FOTA) met in London to discuss some proposals to be placed on the table before the FIA. These proposals included several plans to reduce costs significantly for the new season in 2009 while continuing the process in 2010 and 2011.
The FIA had already laid out its proposals that would include the introduction of a standardized engine in 2010. This proposal will go through if the teams fail to come up with an alternative approach that would do just as well. The FIA will, in its proposed regulation, allow teams to pick the standard Cosworth engine, build one to meet its specifications or continue with the Frozen V8s that they are using today.
This concept has been opposed by a few teams and on Wednesday, Renault also announced that they were on FOTA’s side, contrary to rumors that were doing the rounds.
All teams have been given a Thursday deadline to provide their approval or rejection of the Cosworth engine, or place an alternative proposal, which shall be further discussed on Friday during the FIA World Motor Sport Council. Mosley delighted after FIA reaches costs agreement with teams
The ruling body of Formula One, the FIA and the Formula One Teams Association (FOTA), have reached a landmark agreement on the cost cutting measures that need to be introduced in Formula One, following their meeting in Monte Carlo on Wednesday. The meeting was described the most successful ever between the two parties.
While the exact details of the meeting will only be released post-discussion in the FIA World Sport Council Meeting on Friday however, it has been said that all the objectives set forth by the FIA have been met for 2010. The teams have also put forth interesting proposals to push the cost cutting plans, for 2009, ahead.
“I am delighted with the outcome of this meeting,” said FIA President Max Mosley. Formula One Teams Association (FOTA) President, Luca di Montezemolo added, “The unity of the teams was fundamental to meeting the goals for a new Formula One, but with the same DNA, as requested by the FIA.”
The cost cutting measures are also expected to include a cut in the 30,000 km testing allowance that teams enjoy today. There will also be further limits on the aerodynamic development as well as usage of the wind tunnel for testing. More standardized parts, along with the gearbox, are also said to be under consideration.