FOTA Geneva meeting notes

FOTA'S ROADMAP FOR THE FUTURE OF FORMULA ONE

Formula One Teams Association (FOTA) reveals initial plans and framework for the future of Formula One at landmark press conference

GENEVA, 5 MARCH 2009: The Formula One Teams Association (FOTA) today outlined its roadmap for Formula One at a press conference at which senior management figures from all 10 current Formula One teams shared the stage together. Setting out its proposed agenda for the evolution of the sport, FOTA unveiled a dynamic package of unanimously agreed proposals which, pending the approval of the FIA, will take effect in 2009 and/or 2010. These proposals are aimed at increasing the stability, sustainability, substance and show of Formula One, and have all been developed as a result of rigorous interrogation of a FOTA global audience survey carried out in 17 countries earlier this year.

The study canvassed views of existing fans but also, for the first time, drew on insights from a cross-section of general and infrequent followers of the sport, in line with FOTA's stated ambition to broaden as well as to deepen the appeal of Formula One. The proposals can be classified under three headings; technical, sporting and commercial - in line with the three working groups inaugurated when FOTA was formed in September 2008. These proposals will ensure the retention of Formula One's unique and essential sporting 'DNA', improve the show for all audiences, reduce costs, and increase the value proposition to the major stakeholders.

Luca di Montezemolo, Chairman of FOTA, said: "This is an unprecedented moment in Formula One history. Above all else, for the first time the teams are unified and steadfast; with a clear, collective vision. Thanks to this unity, all the teams have already managed to make a significant reduction to their costs for 2009. And, while we will continue to compete vigorously on track, we all share one common goal: to work together to improve Formula One by ensuring its stability, sustainability, substance and show for the benefit of our most important stakeholder, namely the consumer. It is with this mindset that we now intend to work hard, with our partners at the FIA and FOM, our shared goal being to optimise the future of Formula One."

-credit: fota