In an attempt to restrict the sport's spiralling costs FIA president Max Mosley has written to all the competing teams regarding the planned cost reduction. It is believed that he envisages slashing the budgets of top spenders by 50 per-cent from their reputed current level of $550 million.
"Starting in 2009, there will be a cap on expenditure for all Formula One costs other than engines, drivers and expenditure exclusively for promotion and marketing” Mosley said. The cost-saving objectives are likely to include “low-cost, long-life, inexpensive running costs for independent teams and consistency with industry requirements for efficiency and low carbon emissions”.
Mosley's letter also plans for future engine regulations with the teams having agreed on a five-year engine freeze from 2008 to 2012. No work on the current 2.4-litre V8 engines will be allowed in that period, although work on what power-unit will replace it from 2013 will begin within the next 12 months.
