Teams vow to find cost cutting solution

With time ticking down to the closure of entries to the 2010 world championship later this month, the teams failed to convince the FIA to back down on plans for a £40 million voluntary budget cap.

Members of the Formula One Teams' Association (FOTA) held a meeting after their talks with the FIA, but no firm plan was put in place and most team principals left without wanting to comment on the situation.

However, Ferrari team principal Stefano Domenicali was encouraged that all teams remained united in their efforts to find a way forward - with further talks now set for the Monaco Grand Prix weekend.

"I think that the meeting shows that on one side there is a very united group of teams that were discussing with the president of the FIA about the future, and above all this regulation. That is what I can say," he said.

Ferrari has joined Toyota, Red Bull and Renault in threatening not to enter the 2010 championship if the rules are not changed.

When asked if there was the possibility of finding a compromise deal: "I think that, as we said, it is a work in progress. We are working hard to find a solution and I think today with the teams we showed our unity, with a different perspective but it was important to reiterate our concept"

Domenicali also made it clear that the matter was more than simply agreeing on cost cuts.

"I think that is not only the case. We need to discuss about other things regarding the governance and the way the rule is done. It's not only this point on the table of the discussion."

Speaking about the looming May 29 deadline, Domenicali said: "You know what our position is. I think that the time is short, but we will try to work very hard."