FIA, teams to meet in Monaco

Formula One looks likely to accept radical plans for a low-cost standard engine when teams and the governing FIA meet in Monaco tomorrow to map out a survival strategy for the sport.

Sources told Reuters this week that five teams, including former champions Renault, had expressed interest in the FIA proposals.

The FIA confirmed, however, that there had been considerable interest since the latest details were outlined by Max Mosley last week.

"Since the president's letter last Friday, there has been a very positive response from the Formula One teams regarding our engine proposals," said a spokesman.

"It would however be inappropriate to comment on the status of any individual teams or to give any further details in advance."

Tomorrow's meeting follows talks between the teams's association FOTA and Mosley in the Mediterranean principality last week.

It also comes after Honda's shock decision last week to quit the championship, a move that would leave just nine teams and has prompted fears of other manufacturers being blown out by the global economic storm.

Mosley said he would like to see costs come down to 10 or 20 per cent of what they are now, with annual budgets reduced to around the $40m bracket from well in excess of $120m at present for the smallest of teams. The FIA has put forward the option of a low-cost powertrain, provided by Cosworth, Xtrac and Ricardo Transmissions, from 2010.

Mosley said the cost to each team taking up the option would be an up-front payment of £1.68 million followed by 5.49 million per season - a fraction of the price of a current engine supply.