F1 teams to reduce engine costs

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Ferrari chairman Luca di Montezemolo says Formula One teams have unanimously agreed to reduce engine costs by more than 15m euros (£12m) by 2011.

Montezemolo recently presided over a meeting of the newly founded Formula One Teams Association.

And he said: "We're working with all the teams to reduce costs even more for 2010 and 2011.

"We unanimously decided that by 2011 an engine will cost £4m, compared to the more than £16m they used to cost."

Montezemolo also revealed that he smashed a television set after watching McLaren's Lewis Hamilton snatch the world title from Felipe Massa at the final Grand Prix of the season at Interlagos.

"I broke the television, I must tell the truth," he said.

"When a television breaks it makes a terrible bang. My daughter in the other room was given an awful fright.

"Luckily we had another television so I was able to watch the podium ceremony, which I enjoyed."