LONDON - FORMULA One teams on Thursday agreed a series of changes to further drastically reduce the spiralling costs of the world's most glamourous and expensive sport.

The Formula One Teams Association (FOTA) backed moves to cut engine and gearbox costs as well as limit aerodynamic testing.

'The teams agreed that they would develop and freeze low cost transmissions for the 2010-2012 seasons which would have a six race life, priced at 1.5 million euros per season per team,' said a statement released by the group after an executive committee meeting held at Heathrow Airport.

'FOTA also reaffirmed its commitment to a five million euro engine supply from 2010 for independent teams, who have expressed their agreement with and support for this arrangement.'

Pressure to reduce the mind-boggling F1 budgets increased at the end of 2009 when Honda pulled out of the sport and the global financial crisis bit deeper into motor racing.

The sport's governing body, the FIA, agreed in December that from this season engine lives will be doubled and in-season testing (except at race weekends) will be stopped.

In 2010, refuelling will be banned while standard engines, costing around $6.5 million a season, are set to be introduced.

'The FOTA technical regulations working group will now conclude the elimination of expensive materials and identify further opportunities to reduce the cost of components and systems which do not deliver performance differentiation,' added the FOTA statement. -- AFP