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PARIS - McLaren will have to pay over US$50 million ($67.13 million) to the International Automobile Federation (FIA), which will use the money to promote safer motorsport worldwide, Formula One's governing body said today.
"Following the judgement of the World Motor Sport Council on 13 September (when McLaren was fined), a sum in excess of US$50 million will be paid in December to the FIA," the body said in a statement after a meeting of its world council in Paris.
"This will be used to establish the FIA Development Fund, which will assist the work of National Sporting Authorities (ASNs) in promoting the development of safer motor sport worldwide, especially in countries where the motor sport infrastructure is in need of support", the statement read.
The money represents a fine handed to McLaren in September as a result of a spying controversy.
The FIA had imposed on McLaren a US$100 million fine and the loss of their 2007 constructors' points.
The body then said the size of the fine could be halved ultimately, with revenues and prize money deducted from it according to where the team would have ended up at the end of the season with the points scored prior to the hearing.
The FIA also confirmed an extension of a total freeze on engine development, saying it would run for 10 years from 2008.
The body released its calendar of events for 2008, which features Formula One's first night race, to be held in Singapore on September 28.
Ferrari's request to keep supplying the Toro Rosso and Spyker teams with engines for the next two years has been accepted, the statement also read.
Spyker will become Force India next season after the FIA approved on Wednesday the decision of the team's new owner, Indian billionaire Vijay Mallya, to change its name.
- REUTERS
