With the global credit crunch worsening, the International Automobile Federation announced last month it was preparing to submit 'radical proposals' for 2010 to the world motor sport council meeting in Paris.

The governing body said the proposals aimed to enable an independent team to compete for a fraction of existing budgets and still field cars that can match those of the manufacturer teams.

While no details have been given, they are likely to involve more standardization of parts and the possible imposition of a budget cap on top of significant steps already taken.

The teams, under the umbrella of the Formula One Teams' Association, have also put forward their own cost-cutting proposals they say will halve the expense of competing next year compared to 2008.

They have also proposed changing the points system to a 12-9-7-5-4-3-2-1 format rather than the existing 10-8-6-5-4-3-2-1 to try and ensure the title goes to the driver with most race wins. Yahoo! Eurosport