- Oct 24, 2008
FIA and F1 teams reach agreement in Geneva
Although the only official word following the meeting Tuesday in Geneva is that the discussions were constructive, reports indicate that considerable agreements were reached towards bringing down the costs of participation in Formula One without having to resort to spec engines. Among those measures reported include the life of each engine being expanded from the current two-race requirement to three and a requirement for each manufacturer to offer 25 engines for purchase by independent teams at 10 million euros per unit. Nothing has been officially announced yet, but the representatives are expected to meet again after the season's conclusion at the upcoming Brazilian Grand Prix to further discuss the arrangements, which are tipped to be stop-gap measures for the coming two seasons while the FIA comes up with more reasonable proposals for the long term.