By Ian Parkes
PA SportsTicker Contributing Writer
MONTE CARLO, Monaco (Ticker) -- A new Formula One is on the
brink of being unearthed following a landmark meeting Wednesday
in Monte Carlo.
FIA president Max Mosley and the Formula One Teams' Association
(FOTA) emerged from a four-hour brainstorming session which has
been described as "the most successful meeting on Formula One
matters any of the participants can remember".
Agreement has been reached on measures to meet all the
objectives originally proposed by Mosley for 2010 and beyond.
That clearly suggests at least four teams - as demanded by
Mosley - have signed up to use a standardized engine, to be
produced by Cosworth, for three years from 2010.
Along with a standard gearbox, the entire powertrain will cost
an initial up-front payment of roughly $4 million, followed by a
fee of roughly $10 million per season over the term of the
agreement.
Mosley had issued a deadline of Thursday for teams to comply
with his proposal, his edict coming in the wake of Honda's
demise.
The Japanese manufacturing giant pulled out of F1 last Friday
citing the global economic downturn which had led to a dramatic
slump in car sales.
Their withdrawal had sparked fears other teams would follow and
that F1 as a sport would be in jeopardy.
But Mosley, who has long cited that the costs of F1 were
becoming "unsustainable", has acted quickly to prevent a
potential crisis.
Other cost-cutting measures that have likely been agreed to
include a reduction in testing, along with a limit on
wind-tunnel time and aerodynamic development.
The meeting has also led to FOTA making proposals "relating to
very significant cost savings in 2009, while maintaining Formula
One at the pinnacle of motor sport and reinforcing its appeal".
The decisions made should lead to Mosley's demand of seeing
teams operate on annual budgets of $60-80 million, rather than
the staggering $400 - 600 million at present.
All the proposals will now go before the FIA World Motor Sport
Council in Monte Carlo on Friday where they are expected to be
fully endorsed.
"I am delighted with the outcome of this meeting," a naturally
ebullient Mosley said.
"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," FOTA president Luca di Montezemolo added.
Earlier in the day, Mosley had spoken to PA Sport about his
fears for the future of F1 and the possibility of another
manufacturer pulling out.
"I don't think F1 is teetering one way or the other in terms of
bust or survival, but if things get worse in the car industry
then it could be," commented Mosley. "At the moment nobody can
say we are seeing the bottom and that it will improve.
"All the stock markets are up in the last two or three days, and
they may think things are going to get better. They may be
right, but then again they may be wrong. The thing is we
literally don't know.
"If things get better for the car industry, then that's fine, we
are through the worst. We would just need to sort out Formula
One. If things get worse, then our problems will get worse. But
at present I haven't heard anything specific as to whether
another manufacturer will pull out. Again, I don't think anybody
knows."
Tuesday's positive meeting would appear to indicate fears are
slowly being allayed, and that F1 has a strong future providing
cost cuts are adhered to.
Fernando Alonso, meanwhile, who had considered joining Honda
prior to agreeing to remain at Renault, was left stunned at
their departure.
"It's a shame," said Alonso, who was back behind the wheel of
his car today at a test session in Jerez for the first time
since the Brazilian Grand Prix on November 2. "It was a surprise
for me and for most of the people in the paddock because Honda
has been in Formula One for a long time and is one of the
biggest teams in F1.
"But it was not an easy decision for them to make and hopefully
no more teams make the same decision."
Alonso firmly believes no other teams will exit the sport as
FOTA and the FIA continue to find ways to save money.
"All of the teams now agree to reduce the costs and find a
solution to spend less money," added Alonso.
"I'm sure they will find them. There are plenty of ways to
reduce the budgets of teams without them reaching the point of
leaving F1."