FIA approve new measures to slash Formula One costs

A range of cost-cutting measures which it is claimed will see Formula One team budgets drop by at least 30 per cent was approved today.

Motorsport's world governing body, the FIA, in conjunction with the teams, backed the move a week after Honda announced they were pulling out of F1 because of the worldwide financial crisis.

Following a meeting of the World Motor Sport Council in Monte Carlo, the key changes will see savings on engine costs, a ban on in-season testing outside grand prix weekends and a reduction in staff numbers.

Engines will be available to independent teams from 2010 for less than £4.5million per team per season, provided by an independent supplier or a manufacturer.

The engine life will be double with each driver using a maximum of eight engines per season, plus four for testing.

There will be no in-season testing from next year except during a race weekend and during scheduled practice.

The teams have also agreed manpower will be reduced by measures such as sharing information on tyres and fuel to eliminate the need for 'spotters'.

The FIA estimate changes for next year will save the manufacturer teams approximately 30 per cent of their budgets compared to this season, with the savings for independent teams even greater.

At the meeting it was also decided to carry out market research into the proposal by F1 supremo Bernie Ecclestone for a medal system to decide who will be champion.

Opinion will also be sought on a proposal for a new qualifying system.