Friday, January 9, 2009

The Heathrow Accord – F1 Teams Agree On New Rules

The "MiniMe" - Toyota's half-sized scale model (in Kevlar black) used for wind tunnel testing pictured with its full sized Formula One racing counterpart. Image Credit: Panasonic Toyota Racing

The Heathrow Accord – F1 Teams Agree On New Rules

Formula One racing team management meet outside of London, England over the last few days in order to draft and agree on new rules aimed at addressing the world economic downturn due to the problems brought on by the sub-prime lending debacle here in the United States.

Tight money will affect motorsports racing activity starting in 2009 and may last for an estimated 24 to 48 months or more with reduced investment by consumer product companies in advertising.

The Formula One Teams Association (FOTA), in an effort to reduce operating costs for all Formula One teams met in Heathrow and all the Members unanimously agreed a number of important principles and supported the process now established within FOTA.

This edited from a Press Release issued by the Formula One Teams Association -

FOTA Press Release
Thursday 8 January 2009

The teams detailed and signed a comprehensive Aerodynamic Test Restrictions Agreement, effective in 2009.

Furthermore, the Teams agreed that they would develop and freeze low cost transmissions for the 2010/12 seasons which would have a six race life, priced at € 1.5 million per season per team.

FOTA also reaffirmed its commitment to a € 5 million engine supply from 2010 for independent teams, who have expressed their agreement with and support for this arrangement.

The FOTA Technical Regulations Working Group will now conclude the elimination of expensive materials and identify further opportunities to reduce the cost of components and systems which do not deliver performance differentiation. All of the Teams present wished to express their support for the entrant currently known as Honda and they will agree to any name change registered.

All of the Teams are committed to working together in a rational and systematic manner, within the framework of FOTA to effectively reduce the costs inherent to Formula One. The same approach will now be used to improve the spectacle of the sport, following the outcome of the FOTA commissioned market research.

… notes from The EDJE

No comments: