The FOTA Executive Committee metyesteray in Heathrow to further progress the cost reducing initiativesalready developed. All the Members unanimously agreed a number ofimportant principles and supported the process now establishedwithin FOTA.
The teams detailed and signed a comprehensive Aerodynamic TestRestrictions Agreement, effective in 2009.
Furthermore, the Teams agreed that they would develop and freezelow cost transmissions for the 2010/12 seasons which would have asix race life, priced at €1.5 million per season per team.FOTA also reaffirmed its commitment to a €5 million engine supplyfrom 2010 for independent teams, who have expressed theiragreement with and support for this arrangement.
The FOTA Technical Regulations Working Group will now concludethe elimination of expensive materials and identify furtheropportunities to reduce the cost of components and systems whichdo not deliver performance differentiation. All of the Teams presentwished to express their support for the entrant currently known asHonda and they will agree to any name change registered.
All of the Teams are committed to working together in a rational andsystematic manner, within the framework of FOTA to effectivelyreduce the costs inherent to Formula One. The same approach willnow be used to improve the spectacle of the sport, following theoutcome of the FOTA commissioned market research.