FOTA urges for compromise in row

According to a report from Reuters news agency, the teams have offered to sign up to a version of the proposed budget cap, with provisos included, and have asked to extend the entry lock-off deadline to July 1 to allow time for further negotiations and sign a new Concorde Agreement.

"The time has come when, in the interests of the sport, we must all seek to compromise and bring an urgent conclusion to the protracted debate regarding the 2010 world championship," Reuters quoted the letter as saying.

"We hope that you will consider that this letter represents significant movement by the teams, all of whom have clearly stated a willingness to commit to the sport until the end of 2012.

"We would therefore strongly but respectfully submit that you consider these proposals and seek to avoid the potential departure from Formula One of some important teams.

"Now is the time to find a reasonable and rapid solution to the outstanding issues."

FOTA says in the letter that its teams could sign up to a version of the budget cap, or what it calls the 'resource restriction proposal' so long as it is independently policed and universal for all. In return for accepting this compromise the current teams would assist new entries with engine supplies and technical assistance.

"We detect... that a solution might be possible based on the FOTA resource restriction proposal but with measures introduced," the letter said.

"We would propose in this respect that we nominate a top firm of independent accountants who will devise an audit methodology that will be implemented by all of the teams.

"This methodology and the annual results would be disclosed to the FIA... we can see no reason why such a system based on objective verification of compliance would not be acceptable to all parties."