Formula One wants to cut team budgets in half and improve fuel efficiency by 2011 to improve racing.

The president of the governing body said Thursday that urgent changes were necessary because the sport was becoming “unsustainable.” Max Mosley asked Formula One’s 10 teams to reach a majority on any proposals to the rule changes and put them forward within three months.

The ruling body said the changes were needed to allow a typical independent team to operate profitably.