Formula One’s rule-makers are poised to present its teams with a dramatic cost-cutting package for 2010 that goes much further than savings already agreed, as the crisis hitting the motor industry threatens more withdrawals from the sport.

With Honda seeking a buyer for its team and other manufacturers suffering a collapse in sales, the Federation International de l’automobile, F1’s governing body, believes that the sport is in a race against time and only a radical reduction in costs can prevent more teams from pulling out.