ROME - FERRARI chairman Luca Cordero di Montezemolo said he is 'very sorry' about Honda's decision to pull out of Forumula One amid the global economic slowdown.

'I am personally very close to the team's men who are facing difficult times,' Montezemolo said Friday in comments published on Ferrari's Web site.

'Unfortunately these things can happen under such conditions.'

Montezemolo was positive about the sport's future, saying the Formula One Teams Association had taken important steps to cut costs at a meeting this week in London.

'We unanimously agreed to important short and long term measures, for 2009 and 2010,' he said. 'We gave a new push toward a reduction in costs especially to help the smaller teams already from the next season.'

Montezemolo said the teams would meet FIA president Max Mosley to discuss their proposals. He said they were also looking to meet with F1 boss Bernie Ecclestone. -- AP