After the meeting Mosley would release a statement covering what was discussed and the outcome. The overall thrust of these discussion was that change should take place sooner rather than later, and that the teams had backed these proposals.

Mosley would say after the meeting: "I couldn't have asked for more from the meeting."

Such was the desire on all parties to move forward with these changes some are to be introduced as early as 2006 rather than 2008 as originally proposd.

Mosley added: "I think we are going to see a new engine formula in 2006. The engine manufacturers are going to make proposals in addition to those that we've made to reduce the engine costs by 50 percent."

As for what form these new engines would take is still open to discussion, but at least there is agreement that change in this area to reduce costs is necessary. From recent reports both BMW and Mercedes Benz are keen to maintain the V10 engine configuration. The engine manufacturers will have until June 30 to report back to the FIA as to which configuration they would support.

There was also agreement on banning electronic 'driver aids' such as traction control. There was also support for having a single tyre supplier, which would also help reduce costs. There was also the possibility that there could be a return to slick tyres.

Other changes which could be introduced as early as 2005 included the removal of team's spare car from the pits. The teams would be allowed to still have a third car but it would have to be built at the circuit.

There was also the chance that tyre changes during a race would be a thing of the past as well as the abolition of restrictions on the sale or loan of chassis from one team to another.

Some smaller changes could be introduced in 2005. Even the existing qualifying system, which has been widely criticised, could be changed before the end of this season.

"For that to happen," Mosley warned, "we need 50 percent of the teams to agree and that can only happen with a detailed regulation to put in front of them."

Several of the team managers commented on the meeting. These included Jordan's Eddie Jordan who said: "It was very positive. Really, we were all very united. Everyone wants to see serious cost savings over the future. I was enormously pleased at the outcome because it was all so one-sided."

BAR's David Richards added: "There were a lot of very sensible proposals put forward and hopefully a timetable that will see us to a strong future. There wasn't any real argument on any issues ... all in all I think it's a very good step forward. The changes will be very positive from the public's point of view."