Max Mosley has rejected a last-ditch bid by Formula One teams to solve the budget cap row and insists they must sign up for next season by Friday.

The Formula One Teams' Association wrote to FIA president Mosley and F1 supremo Bernie Ecclestone putting forward a number of proposals and calling for the deadline for entries to be extended until 1 July.

But the five teams yet to sign up unconditionally for next year's £40million budget cap — McLaren, Renault, Toyota, BMW Sauber and Brawn GP — have been told there is no time left for discussion.

As Mosley writes, that is because “we must answer the remaining applicants for 2010 no later than Friday”.

Ferrari, Red Bull and Toro Rosso are also fighting the cap but, against their wishes, the FIA have already submitted unconditional entries on their behalf.

The rebel teams now have just 48 hours to either accept Mosley's final offer or face the prospect of not competing in F1 from next year.

In their letter, FOTA felt compelled to make one last-ditch bid to resolve their feud with the FIA. Their proposals related to the way the budget cap will be governed.

FOTA proposed the signing of a new Concorde Agreement — a document governing the sport — based on the 1998 covenant but with amendments to bring it up to date.

In his reply, Mosley insists that due to the time frame, it is not possible to look at all of FOTA's revisions and suggests a broad acceptance of the 1998 agreement.

Given FOTA's fears over intrusion into the teams' respective books, they proposed a top firm of independent accountants to “devise an audit methodology that would be implemented by all the teams”.

Whilst agreeing a reputable auditor is the way forward, Mosley points out that a problem with the FOTA proposal was the absence of a clear figure.

He added: “We therefore propose you accept the 2010 rules as published.”

It would then be possible for any amendments to be revised within a new Concorde Agreement.

The FOTA teams concerned are to now be sent a letter and, if signed and returned, it will make Mosley's proposals “legally binding and the relevant team's entry unconditional”.