Formula One focuses on cost-cutting future
12/12/2008 17:33
Formula One bosses gathered in Monaco today to make up measures for a
cost-cutting future.
With teams battered by the credit crunch and stunned by
Honda's decision to quit, the FIA's world motor sport council is expected to
carry through measures agreed on Wednesday to control spending.
Both the
teams and International Automobile Federation President Max Mosley believe a
major breakthrough has been made that will ensure Formula One's stability and
long-term survival.
Ferrari President Luca di Montezemolo said the measures
would "get our sport back into acceptable economical dimensions, so all teams
will be able to participate."
Mosley had advocated the introduction of a
standard low-cost engine and gearbox from 2010, something the major
manufacturers and drivers opposed.
Xinhua
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