FOTA STATEMENT POST MEETING: A satisfied Chairman Montezemolo

After yesterday's meeting at Monte Carlo with FIA President Max Mosley and the team principals of all Formula One teams, lead by FOTA Chairman Luca di Montezemolo, the latter made the following statement:

"I am very glad about the climate of enormous collaboration at the meeting. There is a common sense of the difficult moment of our sport. Yesterday we could see the great responsibility of all the participants. The world-wide economical crisis and the enormous increase of costs in Formula One over the last years lead the FIA and its President to give a strong and right impulse to cut costs as of 2010 to get our sport back into acceptable economical dimensions, so all teams will be able to participate. The answer we could find was beyond our all expectations. The extreme compactness, never seen before, and all the participant's passion for this sport brought the FOTA members to go beyond the requests made by President Mosley, taking into account courageous proposals, while voting unanimously for a substantial reduction of costs already as of 2009, which will be the most difficult year for the world economy and for the automotive industry in particular."

"The proposals presented to President Mosley, with Formula One's DNA in mind - made of technology and sportiness - will enable us to drastically cut costs as of the upcoming season to have a complete new Formula One in the year 2012, projected into the future, distinguishing itself by an innovative spirit and great attention as far as the environment is concerned, but on economic levels as in the 90s, while maintaining the fascinating challenges, which is one of the factors why this sport is one of the most popular sports in the world."

"President Mosley appreciated our proposals, which will be examined tomorrow by the FIA World Motor Sport Council. We, as FOTA, will continue our work also in other areas, such as the race weekend format, and we want to determine the details for the upcoming years, bearing in mind the observations expressed by Mosley yesterday. I am extremely proud of the work FOTA has done so far; an association, which didn't exist until last September and which united the teams, going beyond their rivalry, the salt of racing, but which could have been an obstacle on the way redesigning the future of Formula One. There is still much left to do, also because when we have a look at the economic side of the companies and not only the ones of the F1 teams, we have to consider the costs but also the earnings. In this sense yesterday we managed to agree with the FIA on the necessity to organize a meeting with FOM to discuss the earnings of the Formula One teams."

FIA STATEMENT POST MEETING

FIA and FOTA have had the most successful meeting on Formula One matters which any of the participants can remember.

Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter in addition to which FOTA have now made proposals for very significant cost saving in 2009 while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal.

These proposals will be put to the FIA World Motor Sport Council on Friday following which full details will be released.

FIA President Max Mosley said,

“I am delighted with the outcome of this meeting.”

FOTA President Luca di Montezemolo said,“The unity of the teams was fundamental to meeting the goals for a new Formula One, but with the same DNA, as requested by the FIA.”