Teams fail to reach agreement with FIA

Following a series of discussions over the course of the day, the teams met with Mosley to try and find a resolution to their unhappiness about plans for a voluntary budget cap.

However, despite talking for almost three hours no agreement was reached meaning several teams remain poised to not lodge entries for 2010 by next weeks deadline.

Although most team principals refused to comment about the situation as they left the Automobile Club de Monaco, Ferrari president Luca di Montezemolo revealed that more talks were needed.

"It was a long and constructive meeting," he said. "FOTA will have another meeting tomorrow, and then there will be another meeting with Mosley.

"What we want is that Formula 1 stays as Formula 1, that it doesn't become something different and go towards constant changes which confuse the public and all the others, that there should be stability and that we work over the next two years to arrive at a way of further reducing costs."

Despite the failure to reach an agreement on Friday, and with next weeks entry deadline looming, Mosley said he remained optimistic a deal could be reached.

"It was a good constructive meeting. The discussions are ongoing," he said.

When asked what the issues were, Mosley said: "They are the same issues. But I am hopeful there will be an agreement."

Ferrari, Red Bull, Toyota and Renault have all said that they will not enter the 2010 championship unless the rules are chaged.

Teams have until May 29 to lodge their entries to the championship with those missing the deadline likely to face a fine if they want to get back, providing there is space left on the grid.