Peter Sauber issued the following statement on Sunday (24 Oct) re the cost cutting initiative suggestes by nine F1 teams.

"Everybody is aware that SAUBER PETRONAS has enjoyed an excellent and successful partnership with Ferrari for the past eight seasons and that I personally have a very good relationship with Jean Todt. Therefore you can imagine how difficult it was for me to sign the Cost Savings Initiative that was launched yesterday.

"However, I am convinced that my decision to do so was right. For several years some of my fellow team principals and I have continually requested a drastic reduction in testing as one initiative to lower costs in Formula One.

"It is important for me to clarify that my signature by no means indicates any form of action against Ferrari. I realise that this initiative is only a first step. Realistically, it is not possible to solve all the problems at once. Therefore it is important to approach this difficult challenge step by step. Cost savings are vital for the health and future of Formula One, and they are every bit as important for the major manufacturers as they are for the independent teams, as the withdrawal of Jaguar shows."