Howett denies holding F1 to ransom

Despite weeks of talks between FOTA and FIA president Max Mosley, no resolution has been found to the budget cap row. The FOTA teams are demanding "balanced and transparent" governance be in place before they commit themselves to the sport, as well as a more confidential system to oversee any cost control.

Howett, who is also president of Toyota Motorsport, told BBC Radio 5 Live: "We're all very sad we're not focusing on the racing and what's exciting about Formula One. But I really believe FOTA's ambition is to improve the sport for the long term."

Three of FOTA's eight member teams - Ferrari, Red Bull Racing and Toro Rosso - have been given a place on the grid for next season even though they initially submitted conditional entries.

The trio have all firmly aligned themselves with FOTA, whilst the remaining five teams - McLaren, Toyota, Renault, BMW Sauber and Brawn GP - have a further seven days to submit an unconditional entry.

He added: "What we primarily want is a sensible basis of governance so that the regulations aren't changed willy nilly, so there is involvement of the teams in a proper process and that process is not deviated from.

"We feel there is a risk in involving financial forensic control in the sporting regulations in deciding a championship. It's not about power or FOTA running the sport. What we're saying is we want a proper and balanced governance process because at times it's lacking."

The suggestion on occasion is that FOTA have refused to play ball with Mosley and agree to his cost cap proposal to prevent any new teams entering. But following the announcement of the 2010 grid, Campos Grand Prix, Manor F1 Team and Team US F1 have successfully been granted a place.

"We welcome new teams," insisted Howett.

"You have to say Brawn have done a fantastic job, and without the great support of McLaren and Mercedes they wouldn't have been there. We make a huge effort to add value and improve the total balance in the sport."