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Teams present cost-cutting initiative 23 Oct 2004

(L to R): Paul Stoddart (AUS) Minardi Team Principal and David Richards (GBR) BAR Team Principal discuss a money saving proposal for F1.
Formula One World Championship, Rd18, Brazilian Grand Prix, Qualifying, Interlagos, Brazil, 23 October 2004

The Formula One teams, with the exception of Ferrari, have signed and released the statement below, putting forward proposals designed to drastically reduce costs in the sport:

Teams Present Initiative for Substantial and Tangible Cost Savings in Formula One

Background

Following recent developments within Formula One, the teams over the course of the last two days took part in a series of meetings at the Brazilian Grand Prix, chaired by Bernie Ecclestone. The Friday meetings - attended by representatives of all teams, including Ferrari - discussed the fact that the time has come for positive and decisive action that will benefit the sport.

The Saturday morning meeting, at which all teams except Ferrari were represented, agreed on the measures outlined below, which will substantially and tangibly reduce - in both the short and long terms - the teams' costs and significantly enhance the spectacle of the sport.

At the meeting, Mr. Ecclestone proposed a 19-race calendar, which included the French and British Grands Prix as the 18th and 19th races respectively. The attending teams agreed that if the significant cost-saving measures outlined below could be instituted by 2005, the French and British Grands Prix would proceed.

The proposal agreed by the undersigned teams are as follows:

Tyres
In respect of tyres, Mr. Ecclestone agreed on behalf of the undersigned teams to progress the matter further with the tyre manufacturers and in particular to seek their assistance to eliminate the majority, if not all requirements for tyre testing.

Testing
The undersigned teams have further agreed to significantly reduce the amount of testing that takes place in the course of the season. Under this proposal, the Friday format will consist of two, 2-hour free practice sessions. The proposal will also include a limitation of 10 testing days during the course of the Formula One season.

While the above measures represent a significant step forward, we, the undersigned teams, feel this is only the first move towards achieving a goal of reducing the necessity to spend enormous sums of money in order to be competitive in Formula One.

Conclusion
Such a course of action will ensure the continuing long-term health of the sport and its participants. In order to bring these measures into force for the 2005 season, unanimous agreement is required. This is something that is hoped can be achieved over the coming weeks.