Autosport report that the F1 teams, excepting Ferrari, have agreed to meet the cost of two GP's at risk by cutting testing by 50 percent.

"The BRDC has not yet been officially informed of any proposal by FOM [Formula One Management]," the BRDC said in a statement. "But if there is a new proposal to safeguard the British Grand Prix in 2005 which makes financial sense for the sport, the industry, the club and especially the local economy, it will be seriously considered by the board."