No resolution yet to budget cap row

The Formula One teams remain at loggerheads with the FIA over the proposed 2010 budget cap after a lengthy meeting in Monaco ended without a resolution.

After negotiations to overturn the proposal ended in stalemate last week, the Formula One Teams Association (FOTA) met FIA President Max Mosley at the Automobile Club de Monaco on Friday to hold fresh discussions and find a way forward.

Agreement could not be reached after nearly three hours of debate and this puts doubt over the teams’ May 29 deadline for 2010 entry.

FOTA President and Ferrari boss Luca di Montezemolo said the meeting was “constructive.”

“It was a long and constructive meeting,” he told reporters. “FOTA will have another meeting tomorrow, and then there will be another meeting with Mosley.

“What we want is that Formula 1 stays as Formula 1, that it doesn’t become something different and go towards constant changes which confuse the public and all the others, that there should be stability and that we work over the next two years to arrive at a way of further reducing costs.”

The teams say the proposed £40 million budget cap, which would grant greater technical freedom to those teams who restrict their spending, would damage the sport by creating a two-tier system – and Ferrari, Red Bull, Toyota and Renault have threatened to quit next year if the decision is not overturned.