Australian GP chief hails new rules

AUSTRALIAN GRAND PRIX CHAIRMAN HAILS FORMULA ONE'S TOUGH NEW MEASURES

The drastic cost-cutting moves in Formula One overnight were greeted today by the Chairman of the Australian Grand Prix Corporation, Mr Ron Walker, as "great news for motor sport -- and for F1 and the Foster's Australian Grand Prix in particular".

"The body that runs world motor sport, the Federation Internationale de l'Automobile (FIA), is getting F1 out of the space age and returning it to pure motor racing," Mr Walker said.

"The operating costs for the teams had got way out of control and so much of the money being spent meant nothing to the people who matter most in the big picture -- the hundreds of millions of viewers around the world watching GPs on television."

"The moves we have seen from the FIA overnight will get those costs back under control over the next couple of years and will be for the benefit of everyone involved in the sport and who love watching the global phenomenon of F1."

Mr Walker said that, as a member of the Formula One Commission, he had long been arguing for many of the clamps that will now be enforced. "The teams, because of the intense competition in which they are involved, were not going to initiate these moves. None of them was going to dare to be brave enough to put the brake on the spiralling costs, so I applaud the FIA president, Max Mosley, and FOM (Formula One Management) chief, Bernie Ecclestone, for having the fortitude to take lead on this and impose a massive load of common sense."

"It is wonderful news for the sport of F1 and, with Melbourne as the host of the opening round of the 2003 world championship on March 6-9, it is great for the Foster's Australian Grand Prix and the hundreds of thousands of people who will come to Albert Park for the four-day carnival -- this year and in future years."

Mr Mosley and Mr Ecclestone advised the 10 F1 team principals of the moves at a meeting in London last night, Australian time.

-agpc-