FIA and FOTA reach agreement in Geneva

It appears that the Formula One Teams Association and the FIA have reached an agreement on "significant" cost-cutting regulations for the 2009 and 2010 season. Both parties met at Geneva today to discuss the matters and came to an agreement.

A joint statement of the FIA and the FOTA said: "Today’s meeting in Geneva has produced significant cost savings for 2009 and 2010. FOTA are working urgently on further proposals for 2010 and thereafter."

More details on the agreement were not yet released.