Formula One news

FIA and FOTA reach agreement

The FIA and FOTA (Formula One Teams' Association) have reached what is being described as a 'landmark' agreement on cost cutting in F1 following a meeting today in Geneva.

On the table were discussions to reduce costs of competing in F1 significantly from next season.

"Today's meeting in Geneva has produced significant cost savings for 2009 and 2010," a join statement from FIA and FOTA read. "FOTA are working urgently on further proposals for 2010 and thereafter."

FOTA will meet again at the Brazilian Grand Prix to discuss further issues before another meeting with the FIA after the end of the season.

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