Formula One's teams and governing body the International Automobile Federation (FIA) have agreed key cost-cutting measures for the next two seasons, according to the BBC.
The broadcaster reports that the Formula One Teams Association (Fota) has agreed a package for 2010 as well as a cost-cutting plan for 2009. Details are set to be released on Friday after the measures have been approved by the FIA's World Motor Sport Council.
In a statement to the press, the FIA said: "Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter. In addition to which Fota have now made proposals for very significant cost saving in 2009, while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal."
The move comes after Japanese manufacturer Honda pulled out of F1 last week.
