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Page last updated at 20:27 GMT, Tuesday, 26 May 2009 21:27 UK

F1 team chiefs seek new solution

All 10 team bosses met in Monaco to discuss their views on the budget cap proposals
Team bosses met in Monaco to discuss their views on the budget proposals

Formula 1 team chiefs will meet again in London on Wednesday to plot their next move as negotiations over the future of the sport continue.

In Monaco, the teams told governing body the FIA they would commit until 2012 if president Max Mosley scrapped his controversial rules for 2010.

In a letter to the teams on Tuesday, Mosley reiterated his calls for them to agree a curb on budgets of about £40m.

Teams have until Friday to submit their entries for the 2010 season.

On Monday, Williams confirmed they will enter the 2010 championship despite adding their signature to Sunday's letter.

The move by Williams, who have won the constructors' title nine times, is understood to have disrupted the unity of the teams' association Fota, with some members said to have been angered by their decision.

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A resolution is still some way off but it is hoped Wednesday's meeting will help determine whether all the 10 teams currently on the grid will stay in the sport.

Last week Ferrari and Renault both threatened to pull out, but with discussions still going on that threat would now seem to have receded.

At the weekend meeting, it was agreed in principle to delay introducing a 45m euro (£39.6m) budget cap until 2011, while Mosley has made other concessions to the teams on governance.

It is understood the teams may also receive more money from Bernie Ecclestone, who runs the companies which control the sport's commercial rights.

The deal was been reached after a series of meetings involving team principals, Mosley and Ecclestone.

Both the teams and Mosley are united in their desire to reduce the huge costs involving in running an F1 team.



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see also
Williams confirm F1 entry in 2010
25 May 09 |  Formula 1
F1 budget cap solution in sight
24 May 09 |  Formula 1
Mosley hopeful on budget cap agreement
24 May 09 |  Formula 1
Progress made in F1 crisis talks
22 May 09 |  Formula 1
Ferrari fail in budget-cap appeal
20 May 09 |  Formula 1
Worried Alonso ponders F1 future
20 May 09 |  Formula 1
F1 chiefs stay firm on budget cap
19 May 09 |  Formula 1
In-depth interview - Max Mosley
15 May 09 |  Formula 1
Quit threat is no bluff - Ferrari
14 May 09 |  Formula 1
Lola move closer to F1 comeback
15 May 09 |  Formula 1
Renault join F1 pull-out threat
13 May 09 |  Formula 1
Ferrari issue F1 quit ultimatum
12 May 09 |  Formula 1
Toyota threaten pull-out from F1
10 May 09 |  Formula 1
Wary Raikkonen ponders F1 future
09 May 09 |  Formula 1


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