Mosley wants F1 teams to cuts costs to guarantee the sport's future

Motorsport boss Max Mosley has written to the teams asking them to consider the proposals at a meeting on Friday.

But he insisted the measures - to limit wages and set a maximum age for second drivers - would not happen soon.

"At this stage each of these measures is an item for discussion rather than a proposal," said Mosley.

Seven-time world champion Michael Schumacher earns around �27m a year and at 36 is the oldest driver on the grid - but he is unlikely to affected by the latest money-saving ideas.

Mosley, president of governing body the FIA, is keen to get all the teams together to plot the future of the sport from 2008.

Earlier this week, all of the F1 teams, with the exception of Ferrari, decided to postpone signing a new commercial deal which would tie them to supremo Bernie Ecclestone until 2012.

F1 teams stall on 2012 proposals

And there remains some uncertainty about whether any of the other teams will turn up to Friday's discussions.

Mosley shares the opinion of the majority of teams that they will not be able to sustain their current level of expenditure.

But there is a wide difference of opinion on how best to effect change.

Further technical and operational changes, such as limiting race weekend to two days and plans to use only a single tyre supplier, have already been mooted by the FIA.

But Mosley is certain the essence of the sport can be retained even if teams agree to a raft of changes ahead of the 2008 season.

"It is certainly possible to reduce costs drastically without altering the look, sound or technical appeal of Formula One," Mosley said in a statement.

"Increased income combined with very significant cost reductions will make all properly-managed Formula One teams profitable.