From GMM
Radical cost-slashing rules for 2010 will make it easier for new teams to enter formula one and survive.
The governing FIA said in a statement on Friday that the proposals will be submitted for ratification to the World Motor Sport Council before the Australian grand prix next month.
The Paris body said the rules "will enable new teams to fill the existing vacancies on the grid for 2010 and make it less likely that any team will be forced to leave the championship".
The move, to slash current budgets to "a fraction" of their current size, is in view of the global recession, which is affecting "sponsors and major car manufacturers", the FIA added.
Williams will begin the climb back into the black in 2009 and 2010, management of the Oxfordshire based team claim.
"In the last two or three years we were spending beyond our means," chief executive Adam Parr told reporters at a team media event at Grove on Thursday.
"That was the right thing to do because if we hadn't done that then we wouldn't have been able to stay in the game," he is quoted as saying by the Daily Telegraph.
"Now, when I look at the budget for last year, this year and next year, that is not the situation. We are operating within our means.
"We will be paying off debt this year and paying off debt next year," Parr added.
Radical cost-slashing rules for 2010 will make it easier for new teams to enter formula one and survive.
The governing FIA said in a statement on Friday that the proposals will be submitted for ratification to the World Motor Sport Council before the Australian grand prix next month.
The Paris body said the rules "will enable new teams to fill the existing vacancies on the grid for 2010 and make it less likely that any team will be forced to leave the championship".
The move, to slash current budgets to "a fraction" of their current size, is in view of the global recession, which is affecting "sponsors and major car manufacturers", the FIA added.
Williams will begin the climb back into the black in 2009 and 2010, management of the Oxfordshire based team claim.
"In the last two or three years we were spending beyond our means," chief executive Adam Parr told reporters at a team media event at Grove on Thursday.
"That was the right thing to do because if we hadn't done that then we wouldn't have been able to stay in the game," he is quoted as saying by the Daily Telegraph.
"Now, when I look at the budget for last year, this year and next year, that is not the situation. We are operating within our means.
"We will be paying off debt this year and paying off debt next year," Parr added.