FORMULA ONE:The team formerly known as Honda will be on the grid for the start of the new Formula One season in Australia at the end of the month. As a raft of new proposals were announced by the Formula One Teams' Association (Fota) to preserve the sport's future, chief executive Nick Fry gave thanks to the organisation for their help in saving his team.
Confirmation of a management buyout and a new team name is imminent in the wake of Honda withdrawing from F1 at the start of December due to the global economic crisis, and subsequently putting the team up for sale.
But without the assistance of Fota, who today confirmed a 50 per cent cut in budget is to be enforced by 2010 compared to last year, the team due to be led by Ross Brawn would not be poised for action.
Asked whether without Fota and all their cost-cutting proposals there would be no team this season, Fry replied: "In short, the answer is yes.
"It's correct to say our team has, and will, benefit from Fota in the future in two ways.
"The first one is clearly the cost reductions that will help us enormously in the challenges our team will face in the next two or three years.
"But as important as the cost reduction is the level of support we have enjoyed over the last three months from all the teams.
"In particular, I would like to say that on the day Honda announced their withdrawal from the sport, we received personal support from Luca di Montezemolo, and also from Ron Dennis.
"There has been an enormous amount of activity behind the scenes.
"Everyone here (Fota) has helped us preserve our team, and myself, Ross (Brawn) and our 700 employees all thank them for that."
Included in the cost-cutting measures, from 2010 onwards, are a reduction in engine availability at €5million per team per season, gearboxes at €1.5million and a standardised KERS energy recovery system.
Also incorporated is a further 50 per cent reduction in the spend relating to aerodynamic development, along with standardised telemetry and radio systems.
Fota president Di Montezemolo confirmed the 10 teams are also poised to sign a new Concorde Agreement by March 18th, while he also pointedly stated all manufacturers currently involved will remain in F1 until 2012.
"This is an unprecedented moment in Formula One history," remarked Fota chairman Di Montezemolo. "Above all else, for the first time the teams are unified and steadfast - with a clear, collective vision.
"Thanks to this unity, all the teams have already managed to make a significant reduction to their costs for 2009.
"And, while we will continue to compete vigorously on track, we all share one common goal: to work together to improve Formula One by ensuring its stability, sustainability, substance and show for the benefit of our most important stakeholder, namely the consumer.
"It is with this mindset we now intend to work hard, with our partners at the FIA and FOM, with our shared goal being to optimise the future of Formula One."
In the run-up to today's meeting, Fota conducted a global survey, and rather than targeting current fans, it aimed at those with little knowledge of F1 to see if they could attract them to the sport.
One of the proposals stemming from that to go before the next World Motor Sport Council meeting is a revision of the points system that will could switch to 12-9-7-5-4-3-2-1, with the clear intention of offering greater reward to a race winner.