Formula One expected to embrace low-cost engine

By Alan Baldwin

LONDON (Reuters) - Formula One looks likely to accept radical plans for a low-cost standard engine when teams and the governing FIA meet in Monaco this week to map out a survival strategy for the sport.

Formula One sources told Reuters on Tuesday that five teams, including former champions Renault, had expressed interest in the governing International Automobile Federation (FIA)'s proposals.

A Renault spokeswoman declined to comment.

The FIA confirmed, however, that there had been considerable interest since the latest details were outlined by Max Mosley last week.

"Since the President's letter last Friday, there has been a very positive response from the Formula One teams regarding our engine proposals," said a spokesman.

"It would however be inappropriate to comment on the status of any individual teams or to give any further details in advance of the World Motor Sport Council meeting on Friday."

Friday's meeting follows talks between the teams's association FOTA and FIA President Max Mosley in the Mediterranean principality on Wednesday.

It also comes after Honda's shock decision last week to quit the championship, a move that would leave just nine teams and has prompted fears of other manufacturers being blown out by the global economic storm.