Santander confident of F1 agreement

Several of the current teams have expressed their intention to not participate in Formula 1 next season if the governing body pushes ahead with its plans to introduce a budget cap system from 2010.

World champions Ferrari, the only team to have participated in every championship since 1950, has been at loggerheads with the FIA and has threatened to leave the sport over the budget cap regulations.

Santander, which is title sponsor in three grands prix and has strong presence in three others as well as the McLaren team, has expressed its interest that an agreement will be reached between all parties.

Speaking exclusively to AUTOSPORT, Juan Manuel Cendoya, Santander's Executive Vice President, Communications and Corporate Marketing, said it was important for Formula 1 not to lose the teams have made the sport what it is now.

"We trust that all parties will reach an agreement, so Formula 1 does not lose its essential values, or all the elements that have turned this sport into a worldwide spectacle of the highest order," Cendoya said.

"We can't imagine Formula 1 without the presence of the teams that have made it big and legendary.

"History has demonstrated that the greatest championships which have remained stable have enjoyed a sustained growth and the unconditional support of the fans."

For some time, Santander has been linked with a move to sponsor Ferrari from 2010, as speculation about Fernando Alonso's future continued to link the Spaniard with the Maranello-based squad.