From GMM

Formula 1's governing body, and the alliance of the ten competing teams - FOTA, on Tuesday agreed "significant cost savings for 2009 and 2010".

The parties, represented by Max Mosley for the FIA and Ferrari's Luca di Montezemolo and Toyota's John Howett for FOTA, met in Geneva.

"FOTA are working urgently on further proposals for 2010 and thereafter," an extremely brief joint statement added.

No further details were provided.


Photo Credit : Charles Coates/LAT Photographic