FIA welcomes verdict, criticises Ferrari

Ferrari was told by the French legal authorities earlier today that it did not have a valid reason to stop the £40 million cap going ahead, which means that next week's deadline for entries for the 2010 championship will go ahead as planned.

FIA president Max Mosley believes that is in the best interests of Formula 1 and criticised Ferrari's intentions.

"No competitor should place their interests above those of the sport in which they compete," said Mosley. "The FIA, the teams and our commercial partners will now continue to work to ensure the wellbeing of Formula One in 2010 and beyond."

Ferrari is one of several teams to claim that it will not lodge an entry for 2010 unless changes are made to the rules for next year.

The Maranello outfit has also today blasted the quality of the new teams hoping to enter Formula 1 next season, claiming that fans will not pay to watch them and suggesting that F1 be renamed 'Formula GP3'.