Hamburg – The world economic crisis appears to be a blessing in disguise for Formula One racing.

Not only have the grim economic realities drastically sped up major cost-cutting, they have also led to unique harmony between teams for the common goal of a bright future.

Luca di Montezemolo, the boss of Ferrari and the newly founded F1 team organisation FOTA, spoke of “an unprecedented moment in the history of Formula One” after the teams agreed to various measures to improve the sport.

“We do believe we can make it (F1) stronger and better in the future, and certainly if we work together we can really achieve some of those goals,” said McLaren team boss Martin Whitmarsh.

The FOTA roadmap includes a new points system, affordable engines, a ban on in-season testing and a limit on technological updates over the next two seasons.

However, motorsport federation FIA caused a surprise by rejecting FOTA’s new points system proposal, instead deciding to make the highest number of wins in a season, rather than the highest number of points, the chief criterion in deciding the drivers’ championship.

Had that been the case last season Felipe Massa rather than Lewis Hamilton would have been crowned champion.

But just three days later, the new race-win plan was shelved in the wake of protests by the F1 teams and drivers, meaning the points system from last season remains in place.

F1 also continues to exploit new markets, with first races in India, plus possibly Russia and South Korea, to follow those in China, Malaysia, Singapore, Bahrain and others over recent years.

“There are a lot of new markets. The world has moved on since it used to be more or less a European championship with one race outside in America,” said F1 commercial boss Bernie Ecclestone.

A similar shift could likely occur again, this time in sponsoring.

Many foresaw a money crisis when the European Union outlawed tobacco advertising in the 1990s at a time when the teams relied heavily on sponsorship deals from tobacco industry sponsors.

Now troubled American insurers AIG and the Royal Bank of Scotland are withdrawing when their deals end, but Whitmarsh remained upbeat when he said that “Formula One still has a broader commercial appeal.”

This also shows in the rumoured interest of British businessman Richard Branson to get involved, and a new US team is lining up for the 2010 season.

Unity showed when the teams rallied to save the former Honda outfit after the pullout of the Japanese carmaker. The new Brawn GP team will be supplied its engines by Mercedes.

A new Concorde Agreement between the teams and Ecclestone is also close after rows in the past over commercial rights income distribution.

The drivers have done their share to raise interest in the sport, most notably last year when Hamilton provided the most thrilling season finale ever to become the youngest and first black man to lift the trophy.

Looking ahead, Hamilton said: “I hope the racing is as close and as exciting as has been predicted because that’s always more fun for a driver and fantastic for Formula One’s fans.” (dpa)