Cost-cutting moves for F1 auto racing

The Formula One auto racing circuit faces sweeping changes in its 2009 season after cost-cutting changes were adopted Friday.

Among the changes, the World Motorsport Council agreed to ban all in-season testing by F1 teams, aerodynamic development will be limited significantly, engine life will double, and engine costs for independent teams will be approximately 50 percent of 2008 prices.

In a statement, the FIA and teams estimate the moves will reduce costs by 30 percent for manufacturer teams in 2009 while saving independent teams even more.

The teams have played a major role in these developments, the statement said. The FIA is very grateful to Fota (the teams’ association) and to its president Luca Di Montezemolo for their incisive contribution.

Friday’s decision came one week after Honda announced that it would withdraw F1 competition and sell its team due to global economic conditions.

A buyer for the Honda team has not been found.