Formula One chiefs plan economy crisis talks

Formula One chiefs will meet later this month to discuss a range of urgent issues affecting the sport, including the ongoing global credit crisis.

The announcement was made following talks between FIA president Max Mosley and Luca di Montezemolo, the president of Ferrari and chairman of the newly-formed Formula One Teams' Association (FOTA).

The FIA-FOTA talks are scheduled to take place following the Chinese Grand Prix on 19 October.

A statement released today by the FIA read: "After a constructive meeting they [Mosley and Di Montezemelo] agreed that the FIA president would invite the full membership of FOTA to a meeting immediately following the Grand Prix of China.

"At this meeting the FIA will discuss and share with the teams the strategic decisions which are now urgently required, having regard to current worldwide economic problems.

"The main topics for the meeting will be: very significant and urgent reductions in costs; future technical regulations for chassis and drive train; maintaining the competitive element - future performance differentiators."

The news comes just a day after Mosley told the BBC that Formula One will be "in serious difficulty" if it fails to implement cost-cutting measures by 2010.

"It had become apparent, long before the present economic difficulties, that Formula One was unsustainable," Mosley said.

Mosley insisted the sport could not afford to survive on billionaires' handouts and must become more cost-effective if it is to survive.

The Super Aguri team dropped out of this season's championship following the Spanish Grand Prix due to a lack of funds and Mosley fears at least two more teams may also have to withdraw from the championship.

"I think it would put the sport in an unsustainable position if we lost two more teams," he continued.

"At the moment we have 20 cars competing and if we lost two teams we'd have 16 and then it would cease to be a credible grid."