Mosley reveals Ferrari court action

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Ferrari are among the teams who have threatened to withdraw at the end of this season unless fundamental revisions are made to the new regulations.

"During the meeting it became apparent that Ferrari have made an application to the French courts to apply for an injunction to stop us doing what we want to do," Mosley said.

Central to the argument is the claim that an optional £40million budget cap to be imposed for next year could create a two-tier F1.

Mosley and F1 chief Bernie Ecclestone attended a meeting with team bosses at a Heathrow Airport hotel in London to discuss the current crisis.

At the end of the meeting no solution was agreed, with teams leaving to discuss alternatives.

"It was a friendly meeting but the teams have gone off to see if they can come up with something better than the cost cap," Mosley said.