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Formula One teams and FIA agree cost cuts

October 21, 2008 23:55 IST

Formula One teams and the sport's governing body said Tuesday that they had agreed "significant" cost savings for 2009 and 2010.

The International Automobile Federation (FIA) said in a joint statement with the Formula One Teams Association (FOTA) after a meeting in Geneva that the teams were "working urgently on further proposals for 2010 and thereafter."

No details of the measures agreed were immediately available.

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Formula One: The Complete Coverage

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