Mosley: A step in the right direction
Saturday 13th December 2008 FIA president Max Mosley believes Formula One has taken its first step towards salvation by introducing a raft of ideas designed to save over a billion pounds per season. Drastic action has been forced upon the sport in the wake of the global economic crisis which last Friday sparked Honda's shock withdrawal. Just seven days ago there were heightened fears for the entire future of Formula One. But drastic times call for drastic measures, and Mosley, uniting with the Formula One Teams' Association (FOTA), are to implement a wide range of cost cuts from next year. Mosley anticipates the changes for 2009 will save the manufacturer teams approximately 30% of their budgets compared to this year, whilst the savings will be even greater for the independents. As from 2010, when more stringent changes will be enforced, Mosley expects teams to be on budgets of less than half their current spend. Ul...