Dennis optimistic of cost cut solution

Mosley has called a meeting with the Formula One Teams' Association (FOTA) for next Tuesday, where he plans to discuss ways to dramatically cut costs amid the world's financial crisis.

It comes just a few days after the FIA released shock plans for a standard engine to be used in F1 from 2010 - a move that could drive manufacturers away from the sport.

FOTA has held two meetings over the Chinese Grand Prix weekend to put together its ideas for cost cuts, with ratification on proposals believed to have been met during a get-together on Sunday morning that was labeled as 'very positive' by one team boss.

Although teams and manufacturers have refused to comment on what the proposals that will be presented to the FIA on Tuesday are, Dennis said he was hopeful that common ground could be reached with the FIA.

Speaking in the Shanghai paddock on Sunday morning, Dennis said: "We fully appreciate that there is a need to address the issues of cost and technology, and environment etc, but at the same time when you put on the list that manufacturers are in F1 to differentiate their products and their capabilities, that has to be taken into consideration too.

"Apart from those very obvious observations, it is not appropriate for us to speculate on how this is going to unfold. There is a very, very firm commitment from the teams that finds a good solution that addresses all of the problems for all the teams in F1. But that is going to require lots of compromise and moving towards the central ground.

"It was pretty historic yesterday and, if it unfolds consistently with the discussions that took place yesterday, then I am quite optimistic that we will move forward and address these problems in a professional, mature and adult way."

Although Mosley has invited all teams to attend next week's meeting, it is looking increasingly likely that FOTA chiefs Ferrari president Luca di Montezemolo and Toyota team president John Howett will be the only ones attending, having received a mandate from other outfits to represent them.

This comes amid fears from the body that Mosley could try and split the unity that has been shown in FOTA so far to try and force through changes he would like to see happen.

Dennis said that the unity among teams, which has been so difficult to achieve in the past, was holding up well despite complicated issues like customer cars, standard engines and engine equalisation being areas where opinion could be split.

"We are strong and together, but we are not a threat," said Dennis. "We are looking at being constructive to F1, and we don't have any motive other than to address the issues we had six months ago and starting to emerge from a difficult economic situation that has yet to impact on F1."

And Dennis expressed frustration about Mosley's suggestion he needs to intervene with the sport's finances because team bosses are unable to sort the situation out themselves.

"I am a bit more outspoken because I am getting more and more frustrated with the perception that people have that individuals that run racing teams are foolish, they don't know what they are doing, they are not competent, they are not successful, and that - whether they are the athlete, the team owner or the manufacturer - that we do not have the competence to run our business. It is just not the case."