FIA have confirmed that the winning bid for the sole engine supplier title, goes to Cosworth.

The need to cut down the costs of F1 racing is urgent, and especially after Honda's withdrawal announcement, Max Mosley's idea seems to give a solution to that.

Cosworth will supply the engines to all F1 racing teams. The constructor has a great experience in F1 motors, as it had been constructing F1 engines on behalf of many teams in the past.

The engines will cost 6.42M euros per team per season, along with a 1.97M euros as an initial payment and is going to be much cheaper than what the teams are currently paying for the engine supply.

Max Mosley stated : "The engine will be a current Formula One engine while the transmission will be state-of-the-art Formula One and a joint effort by two companies which already supply transmissions to most of the grid."

These proposals are, however, only an alternative to independent teams and manufacturers will still be allowed to build engines according to their own specifications.

Regardless of whether the teams opt to use a Cosworth-built of self-built unit, all teams will use a standard transmission designed and built by XR.