Future still uncertain for F1 teams

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Motor sport's world governing body has on Tuesday issued another damning statement against the Formula One Teams' Association after a meeting on Monday between the relevant financial groups resulted in deadlock.

The statement read: "As agreed at the meeting of 11 June (between FIA president Max Mosley and FOTA), FIA financial experts met on Monday with financial experts from FOTA. Unfortunately, the FOTA representatives announced that they had no mandate to discuss the FIA's 2010 financial regulations. Indeed, they were not prepared to discuss regulation at all."

It continued: "As a result, the meeting could not achieve its purpose of comparing the FIA's rules with the FOTA proposals with a view to finding a common position.

"In default of a proper dialogue, the FOTA financial proposals were discussed, but it became clear that these would not be capable of limiting the expenditure of a team which had the resources to outspend its competitors.

"Another financial arms race would then be inevitable.

"The FIA financial regulations therefore remain as published."

Five teams - McLaren, Renault, Toyota, BMW Sauber and Brawn GP - have until Friday to unconditionally sign up to the FIA's voluntary £40million budget cap due to come into force from 2010.

A further three teams - Ferrari, Red Bull Racing and Toro Rosso - were, against their wishes, entered unconditionally by the FIA on Friday, since when the trio have insisted they remain committed to FOTA.

If FOTA and the FIA are unable to reach any agreement over the next few days, the latter has confirmed more new entrants will be named to make up the 13-team, 26-car grid for next season.