Montezemolo to unveil teams' plans for future of F1

Ferrari president Luca di Montezemolo will present Formula One teams' plans for the future of the sport at a news conference in Geneva next month, the teams association FOTA has said.

In a show of public unity, FOTA said the March 5 conference would also be attended by all team principals.

"These plans are the result of meetings held over the past few weeks and months, all with a common goal: to make Formula One commercially sustainable, environmentally friendly and compellingly attractive for spectators, TV viewers and internet consumers alike for years to come," FOTA said in a statement.

Formula One's governing body, the International Automobile Federation (FIA), and FOTA have been discussing dramatic cost-cutting measures for 2010 and beyond.

The FIA wants to bring costs down to the point where independent teams can compete on an annual budget of around €50 million ($62.96 million).

FIA president Max Mosley told reporters this month the global credit crunch represented the biggest crisis to hit the sport since at least the 1960s and said urgent action was required.

"For 2010 we want to see the (team) budgets come right down, to the point where the FOM money (television revenues and prize money) plus very modest sponsorship equals the cost of going racing," he said.

"The teams, as I understand it, agree with the principle but they don't want to do it that quickly. I think we are going to have to do it that quickly."

Japanese manufacturer Honda has already pulled out of the sport, with its 700-strong team still to be sold, while former champions Renault are losing their title sponsor ING at the end of the year.

The season starts in Australia on March 29.