Formula One received its first entry for 2010 from a new team today just hours before the latest round of crunch talks aimed at averting a mass exodus from the sport took place off the shores of Monte Carlo.

Campos Racing lodged their application with the FIA five minutes after the week-long deadline for entries was opened at midnight.

The current Spanish Formula Three team have been attracted by the £40million budget cap for next season — however, it is that controversial proposal which could see Formula One lose some of its biggest names.

On his luxury yacht in Monaco, Renault boss Flavio Briatore was today hosting a meeting between the teams and FIA president Max Mosley, whose demand for a financial limit from next season has proved so controversial.

Briatore says his team will not compete next year if the cap is implemented, a stance shared by Toyota, Red Bull and Ferrari, who this week failed to win an injunction against it.

Although the cap would be voluntary, those who adhere to it would be given greater technical freedom, leading to fears of a two-tier championship. Ferrari president Luca di Montezemolo said: “If Formula One becomes Formula Three, we won't race.”

Talks between the teams and Mosley at a Heathrow hotel last Friday failed to resolve the issue, leading to the second round of negotiations in Monte Carlo where the teams are preparing for Sunday's Monaco Grand Prix.

There is a pressing need to find a solution given that the final day for entries for 2010 is a week today.

That deadline could have to be pushed back though with Formula One supremo Bernie Ecclestone admitting he does not think the majority of teams will enter before then.

However, he insisted: “Formula One will continue no matter what, we have contracts worldwide with TV and promoters, so we will continue like that.”

Whatever the opposition inside the sport at present, the proposals have certainly drawn interest from outside the current pit line with Campos Racing the first to throw their hat into the ring. The team, who will race under the name Campos Meta 1, are owned by former grand prix driver Adrian Campos. The 48-year-old failed to score a point in 21 races for Minardi in the late eighties.

Eight other parties are known to be interestedfor next year, spearheaded by former BAR boss David Richards' Aston Martin/Prodrive organisation, along with Wirth Research, Lola, USF1, Epsilon Euskadi, RML, Formtech and iSport.
Meanwhile, world champion Lewis Hamilton and title leader Jenson Button have thrown their weight behind England's bid to stage the 2018 football World Cup.

McLaren's Hamilton said: “Our country's passion and knowledge for football is unrivalled anywhere else in the world. It would be a fantastic honour for us to host the 2018 World Cup.

“It would create a huge wave of sporting passion that everyone in this country would love to be a part of.”

Button, who has been a revelation in his Brawn GP, said: “Having taken part in the Race of Champions at Wembley, I know it would be a great venue for the World Cup Final.

“We have some of the greatest fans in the world, and they would create an amazing atmosphere.

“I would love all my fans to show the England 2018 bid the same support they have given me this season.”