Mosley Calls F1 Meeting Over Economy

In light of the current economic climate, FIA president Max Mosley has called a meeting with the F1 teams to discuss new cost-cutting measures for the sport.

The FIA meeting will discuss ‘strategic decisions with regard to the worldwide economic problems’ and will take place after the Chinese Grand Prix in Shanghai on 19th October.

The call to arms occurred following a separate meeting this week between Mosley and Ferrari president Luca di Montezemolo, who heads up the recently formed Formula One Teams Association (FOTA).

The full membership of FOTA will be invited to the meeting in Shanghai with Mosley stating that F1 needed to reduce its costs by 2010 in order to remain ‘credible’ amid the global financial crisis.

If no agreement is reached, the FIA said it would enforce its own measures.