FOTA calls for talks over budget cap

Leading figures from FOTA held a meeting at Heathrow on Wednesday to talk about the future direction of Formula 1, as well as progress with the signing of a new Concorde Agreement.

In a short statement issued after the meeting, FOTA said progress had been made in keeping the group together, following the disagreements that had marred the start to the season.

However, the body did express some concern about the FIA's plans for a voluntary budget cap that could lead to a two-tier F1 from next year.

"FOTA held a positive and constructive meeting and agreed to continue working together in a methodical manner for the definition of further cost-reduction in 2010 and 2011, progressing along the path begun in 2008," said the statement.

"FOTA has concerns with the decisions taken at the last WMSC meeting regarding the 2010 regulations and therefore asks to begin urgent consultations with the FIA."

The FIA announced last week that an optional £40 million budget cap would be introduced next season, with teams that choose to continue spending freely set to run to more restrictive technical rules.

The governing body has insisted that many teams - including potential new F1 entrants - are in favour of this move.

"The FIA believes that cost capping will prove attractive, and it hopes that over time all teams will join," said an FIA statement released after last week's World Motor Sport Council announcement.

"So far, interest has been extraordinarily high from both existing teams and potential new entrants."