The Formula One Teams Association, on Thursday, has agreed to cost cutting measures to make Formula One a cheaper sport. The initiatives were initially part of discussions held in December between the FIA and FOTA. The teams decided to sign detailed agreements on the aerodynamic test restrictions that will be applicable from 2009.
The parties also reached an agreement on the establishment of a single policy to develop and freeze on the low cost transmissions for the 2010, 2011 and 2012 seasons. The transmissions would cost around Euro 1.5 million and would last upto 6 races. The teams also confirmed the commitment they will make to supply engines worth Euro 5 million each, to independent teams from 2010 onwards.
In a bid to reduce the usage of expensive materials to construct various parts of the car, FOTA will be on the lookout for cheaper material as well as a reduction in system costs that do not bring about any radical change in the performances of the cars. Along with these settlements, the association also extended a helping hand to Honda and agreed to name changes that there might be following the sale of the Japanese team.