Mosley gives ultimatum to rebel teams for 2008

Mosley revealed that entry to the 2008 championship would open next month but only for around 10 days. Teams which did not sign up during that time could find themselves replaced by one of several smaller outfits looking to raceif costs were reduced.

Six teams - Ferrari, Williams, Midland F1, Red Bull, Scuderia Torro Rosso and Super Aguri - have already committed to Formula One from 2008. But that leaves the five Grand Prix Manufacturers' Association teams - Renault, Honda, Toyota, McLaren-Mercedes and Sauber-BMW - who have been threatening to set up a rival series when the current Concorde Agreement runs out at the end of 2007.

Mosley is determined to make it possible for an independent team to compete on a level playing field by cutting competitive budgets to about £57m instead of the £143m several teams are spending.

Radical plans to reduce costs will be discussed at the next meeting of the World Motor Sport Council in Paris on 22 March. Mosley said: "I honestly believe that, if F1 is to prosper, we have got to get the costs down so the independent teams can survive. What I would dearly like is to get this done and see F1 really set fair and then back right off because it is exhausting."