F1 teams and FIA agree ..

cost saving measures

Formula One teams and the sport's governing body have said that a meeting between the two sides in Geneva produced "significant" cost savings for 2009 and 2010.

In a joint statement to the press the International Automobile Federation (FIA) and Formula One Teams Association (FOTA) said the 10 teams were also "working urgently on further proposals for 2010 and thereafter." No further details were given.

The teams, represented in Geneva by Ferrari and FOTA president Luca di Montezemolo and Toyota's John Howett, were due to meet again at the season-ending Brazilian Grand Prix next week before further talks with FIA president Max Mosley.

Mosley said this month that, even without the global credit crunch, the sport had become unsustainable at the current level of spending and faced serious problems if costs were not slashed by 2010.