F1 teams agree cost-cutting deal

The FIA and the representatives of the Formula One teams have agreed to reduce costs for small teams next season.

FIA president Max Mosley and Ferrari president Luca di Montezemolo said the agreement is "significant cost savings for 2009 and 2010."

Officials of all three teams, who wishes to remain anonymous, said that the cost of the engines supplied to the independent teams will be limited to $ 13.2ma year.

The engines also run for three instead of two race weekends.



The FIA said in a joint statement with the teams Formula One Association (Fota) after a meeting in Geneva that the teams were "working urgently on new proposals for the year 2010 and beyond."

Mosley said earlier this month that even without the credit crunch, the sport has become unsustainable at current levels of spending.

The teams will meet for the Grand Prix of Brazil between Oct. 31 and Nov. 2 to discuss the change of mileage tests from 2009, team officials said.

Fota and the FIA will meet again after the race to change the rules of chassis design from 2010.