F1 teams agree cost-cutting deal

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The FIA and representatives of Formula One teams have agreed to cut costs for smaller teams from next season.

FIA president Max Mosley and Ferrari chairman Luca di Montezemolo said the agreement would produce "significant cost savings for 2009 and 2010".

Officials of three teams, who wished to stay anonymous, said that the cost of engines supplied to independent teams will be capped at $13.2m a year.

The engines will also run for three instead of two race weekends.

The FIA said in a joint statement with the Formula One Teams Association (Fota) after a meeting in Geneva that the teams were "working urgently on further proposals for 2010 and thereafter".

Mosley said earlier this month that, even without the global credit crunch, the sport had become unsustainable at the current levels of spending.

The teams will meet during the Brazilian Grand Prix between 31 October and 2 November to discuss changing the testing mileage from 2009, the team officials said.

The FIA and Fota will meet again after the race to modify the rules for chassis design from 2010.