view photoAs previously reported he Formula One Teams' Association Executive Committee met today at Heathrow in London to discuss cost cutting initiatives. All the members unanimously agreed a number of principles and supported the process now established within FOTA it emerged this evening.
The teams detailed and signed a comprehensive 'Aerodynamic Test Restrictions Agreement' effective this year. Furthermore, the teams agreed that they would develop and freeze low cost transmissions for the 2010-12 seasons which will have a six-race life, priced at €1.5 million per season per team.
FOTA also reaffirmed its commitment to a €5 million engine supply from 2010 for 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 a significant performance differentiation.
The teams present also expressed their support for the entrant currently known as Honda and they will agree to any name change registered by a potential buyer.
The FOTA statement concluded that all of the teams are committed to working together to reduce the costs and that the same approach will be used to improve the spectacle of the sport, following the outcome of the FOTA-commissioned market research.
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It's all about money, but since the big spenders in F1 are car companies and they are taking a beating right now, it sort of makes sense. There is an argument that it will make F1 more 'real' but I will be diappointed to see the splendid technical achievments thrown away. But then again, I suppose there is more to humnan ingeniuty than microsecond gear shifting, carbon fibre and the balck arts of aerodynamics. As long as they don't kill initiative and technical excelence.
F1 is better because of the FOTA. They can govern themselves. Max and Berine are past it.
They have done Rowley, and when the teams threatened to form a breakaway series, Bernie bribed Ferrari to stay with him. So the deal collapsed.
Why don't the teams ask for a bigger share of the kitty. Bernie said that Ferrari have been getting an extra £50 million that the others don't get, that does not seem fair to me.
mike q, i'm under wraps , but honda on the grid, at 3.0 clock today.
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