“I am personally very close to the team’s men who are facing difficult times,” Montezemolo said Friday in comments published on Ferrari’s Web site. “Unfortunately these things can happen under such conditions.”

Montezemolo was positive about the sport’s future, saying the Formula One Teams Association had taken important steps to cut costs at a meeting this week in London.

“We unanimously agreed to important short and long term measures, for 2009 and 2010,” he said. “We gave a new push toward a reduction in costs especially to help the smaller teams already from the next season.”

Montezemolo said the teams would meet FIA president Max Mosley to discuss their proposals. He said they were also looking to meet with F1 boss Bernie Ecclestone

Learn more:

1. In Pursuit Of New Efficiencies, Honda Drives Green IT Effort
2. Tata signs sponsorship deal with Ferrari

Tata Consultancy Services (TCS) will display its logo on Ferrari cars during the 2009 season, a company statement released in Mumbai said.

“TCS has entered into a historic agreement with Ferrari for an enhanced technology and marketing partnership,” it said, without giving financial details of the deal.

Last week Formula One agreed cost-cutting measures following a meeting of the FIA World Motor Sport Council in Monaco.

The sport’s governing body is clamping down on costs as it struggles to survive the global credit crisis.

Honda’s recent shock withdrawal from the Formula One raised fresh fears over the future of the multi-million dollar sport.

TCS has been a technology partner of the Ferrari team since 2005.
Source

Learn more:

1. Tata Nano hybrids coming, maybe even to US
2. Ferrari 430 16M Scuderia Spider Makes Debut at 2008 Bologna Auto Show
3. Ferrari chief ’sorry’ about Honda pullout
4. Ferrari values succumb to recession
5. How To Get A Better Deal On Your Car Insurance