F1 teams to meet with Mosley in Monaco

(GETTY IMAGES)

Formula One teams were meeting with FIA president Max Mosley today for further talks over a planned budget cap that has led Ferrari to threaten to pull out of the sport.

With the Monaco Grand Prix enjoying its traditional off day, the Formula One Teams Association was meeting beforehand on Renault team principal Flavio Briatore's yacht to draw up further proposals and show a united front.

"We are all together," Ferrari president Luca di Montezemolo said after leaving Briatore's yacht. "We are in a position to go to the president of the FIA stating very constructively and very clearly the position of FOTA."

Mosley wants to introduce a voluntary team budget cap of £40m starting in 2010. Teams would be given greater technical freedom with the rules if they accept the cap.

Ferrari and some other teams believe the system will create a two-tier competition and watered-down version of the sport. Ferrari unsuccessfully attempted to block the move through a Paris court earlier this week.

The Italian team, which has raced in every F1 GP since 1950, and the other nine teams have until 29 May to sign up for next year's championship, a position that Di Montezemolo reiterated on Friday.

"We think the issue is much more complex and needs good thought. It needs to be thought through well," BMW Sauber team principal Mario Theissen said. "Formula One is a very strong brand, a very strong platform. The stakeholders are benefiting from it, so there is really no point in destroying that platform."

F1 boss Bernie Ecclestone sided with Mosley on Thursday, although he said preferred to see an F1 with Ferrari than without it.

Williams team principal Frank Williams urged Ferrari to avoid drastic action but wasn't begging for the Italians to remain.

"Ferrari now don't really need this help. They're a very, very strong and wealthy team," Williams said. "It will be a great shame if they do go but if they go, I hope that it won't be in a fit of pique. It would be better for them to put their cap on and come inside."