16 May 2009

No solution after F1 teams and FIA meeting

1:59 pm on 16 May 2009

Formula 1 teams and governing body the FIA have failed to emerge with a concrete solution to the ongoing budget cap row after a day of talks.

The teams met FIA president Max Mosley and F1 boss Bernie Ecclestone over the plan to introduce an optional 100 million dollar cap.

Mosley insisted there would still be "no compromise" on the cap, though it was at least agreed the idea of a two-tier championship was not acceptable.

Ferrari, meanwhile, filed an injunction to block the proposed budget cap.

The Italian giants, the longest-running team in Formula 1, joined Toyota, Red Bull and Renault in threatening to pull out of the sport if the regulation changes were enforced, as planned, from the 2010 season earlier this week.

The FIA want an optional 100 million dollar budget cap in order to encourage new teams to enter, with those teams operating under the budget allowed far greater technical freedom than those continuing with unlimited funds.