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The format of Formula One weekends looks set for an overhaul next year, with one of Friday's practice sessions being scrapped in a bid to save costs.

The proposal would see grand prix weekends shortened from four days to three, with Thursday's media day being crammed into Friday morning before a single practice session late in the afternoon.

A report on the BBC claims the proposal has already been agreed by Formula One's Strategy Group, which includes Ferrari, Red Bull, Mercedes, McLaren, Williams and Lotus as well as Bernie Ecclestone and the FIA president Jean Todt. However, it still needs to be agreed by the Formula One Commission and ratified by the FIA World Motor Sport Council.

The idea is to save costs by limiting track running as well as reducing travel and hotel costs by starting the weekend on Friday rather than Thursday. It would provide a quantifiable saving after months debates over the need for a cost cap, which was vetoed by the Strategy Group earlier this year.

It remains to be seen whether race promoters, who sit on the F1 Commission, will be happy to lose a session of running on Friday, which previously would have been a draw for fans attending all three days. However, the plan for a practice session later on Friday afternoon may make it easier for fans to attend after work.

Click here for more on the changes from ESPN's Inside Line.