Ferrari head satisfied with cost cut meeting

Ferrari president Luca di Montezemolo has said he was pleased by a meeting with Formula One's governing body on future cost-cutting measures.

Montezemolo, who is also Formula One Teams Association (FOTA) president, met International Automobile Federation (FIA) boss Max Mosley and Toyota's John Howett in Geneva on Tuesday.

"Finally we will have an economical Formula One," Montezemolo told yesterday's Gazzetta dello Sport.

"Next year we will lengthen the life of engines to three races (from the current two). This will translate into a total of 25 engines that for the smaller teams will cost €10 million ($13.19 million) a season."

Mosley said this month that, even without the global credit crunch, the sport had become unsustainable at the current level of spending and faced serious problems if costs were not slashed by 2010.

The season-ending Grand Prix takes place in Brazil next week and a further meeting between the teams and the FIA is planned after the race.