Formula One teams and FIA president Max Mosley will meet after this month's Chinese Grand Prix to discuss ugent cost-cutting measures, the sport's governing body said.
A day after Mosley warned that Formula One must slash spending by 2010 or face serious problems, the International Automobile Federation (FIA) said he talked about the situation with Ferrari president Luca di Montezemolo in the southern French city of Nice.
Montezemolo heads the newly-founded Formula One Teams Association (FOTA).
The FIA said they had agreed Mosley would invite the full membership of FOTA to a meeting at an unspecified location immediately after the Shanghai race on 19 October.
'At this meeting the FIA will discuss and share with the teams the strategic decisions which are now urgently required, having regard to current world-wide economic problems,' the statement said.
It said 'very significant and urgent reductions in costs', as well as future technical regulations, would be among the main topics on the agenda.
Mosley said on Tuesday that the global credit crunch had only made matters worse for a sport whose spending levels were already deemed unsustainable, with some manufacturer-owned teams spending more than $400 million a year.
'It really is a very serious situation. If we can't get this (cost cutting measures) done for 2010, we will be in serious difficulty,' he said.
