All Formula One's car manufacturers and current teams are prepared to commit to the sport until the end of 2012, Ferrari president Luca di Montezemolo said on Thursday.

"All the teams and car manufacturers are prepared to commit to enter in the new Concorde Agreement until the end of 2012," he told the first news conference held by the new Formula One Teams' Association (FOTA).

Montezemolo, who chairs the organisation and is also head of Italian carmaker FIAT, said the teams had agreed proposals that would halve the cost of competing in Formula One by next year compared to 2008.

The measures, some yet to be fully approved by the governing FIA, included slashing the costs of engines and gearboxes and making some parts, such as the controversial new KERS energy recovery system, standard from 2010 while "preserving the sport's DNA".

There would also be a further reduction in testing and personnel attending races.

Formula One carmakers have been hard hit by the global credit crunch, with Honda already announcing in December that they were pulling out and concern about the commitment of Toyota and Renault.

FINANCIAL CRISIS

However, Montezemolo, offering the teams' blueprint for the future of the sport, said the global financial crisis could also be a positive.

"The crisis represents a huge opportunity to improve Formula One, in terms of cost, competition and to really look ahead," he said.

He said the teams were now in legal discussions about signing up to a new version of the confidential Concorde Agreement which governs the commercial side of the sport.

"We hope and we think that we can be in a condition to sign the Concorde Agreement before the start of the season," Montezemolo added.

McLaren team principal Martin Whitmarsh said the teams had proposed various measures to improve the sport on the track, including a new points structure from this season that would offer a greater reward for winning races.

Under the proposal, to be put to the governing International Automobile Federation (FIA) later this month, the current scoring of 10-8-6-5-4-3-2-1 would be changed to 12-9-7-5-4-3-2-1.

Constructors' points could also be awarded for the fastest pitstop during the race from 2010, with another proposal to reduce race distances to 250km or a maximum of one hour and 40 minutes.

The season starts in Australia on March 29.