Teams meet with FIA in Monte Carlo 10 Dec 2008
Team representatives will meet with Formula One racings governing body, the FIA, on Wednesday afternoon to analyse proposals put forward by the teams to reduce the costs of competing in the sport.
The proposals, agreed by the teams at a meeting of the Formula One Teams Association (FOTA) in London last week, include several measures to significantly cut costs for the 2009 season, as well as precise plans regarding further reductions for 2010 and 2011.
The FIA has already outlined its own proposals, including standardised engines from 2010, which it will push ahead with should the teams propositions prove unacceptable. These would give teams the choice of purchasing a low-cost Cosworth engine at a set price, building their own engine to the same specification, or continuing with their current 'frozen' V8s.
More than one team has voiced opposition to the standardised engine concept and on Wednesday Renault released a statement insisting their position is in complete accordance with that of FOTA, after reports claiming they were planning to take up the FIAs Cosworth offer, which teams have until Thursday afternoon to sign up to.
Final details of any cost cutting measures agreed could be given official approval at this Fridays meeting of the FIA World Motor Sport Council.