Following the FIA proposals aimed at cutting costs, the teams have presented their own initiative, which is shown below.

We understand that the only team which has not signed up is Ferrari

The full statement is as follows:

Teams Present Initiative for Substantial and Tangible Cost Savings in Formula One

Background

Following recent developments within Formula One, the Teams, over the course of the last two days, took part in a series of meetings at the Brazilian Grand Prix, chaired by Bernie Ecclestone. The FrIday meetings, attended by representatives from all teams, including Ferrari, discussed the fact that the time has come for positive and decisive action that will benefit the sport. The Saturday morning meeting, at which all teams except Ferrari were represented, agreed the measures outlined below, which will substantially and tangibly reduce, in both the short and long term, the teams' costs and significantly enhance the spectacle of the sport.

At the meeting, Mr Ecclestone proposed a 19-race calendar, which included the French and British Grands Prix as the 18th and 19th races respectively. The attending teams agreed that if the significant cost-saving measures outlined below could be instituted by 2005, this would allow the French and British Grands Prix to proceed.

Decision

The proposals agreed by the undersigned teams are as follows:

Tyres

In respect of tyres, Mr Ecclestone agreed, on behalf of the undersigned teams, to progress this matter further with the tyre manufacturers, and in particular, to seek their assistance to eliminate the majority, if not all, requirements for tyre testing.

Testing

The undersigned teams have further agreed significantly to reduce the amount of testing that takes place in the course of the season. Under this proposal, the Friday format would consist of two two-hour free practice sessions. The proposal will also include a limitation of 10 testing days during the course of the Formula One season. While the above measures represent a significant step forward, we, the undersigned teams, feel this is only the first move towards achieving the goal of reducing the necessity to spend enormous sums of money in order to be competitive in Formula One.

Conclusion

Such a course of action will ensure the continuing long-term health and prosperity of the sport and its participants. In order to bring these measures into force for the 2005 season, unanimous agreement is required. This is something it is hoped can be achieved over the coming weeks.