PARIS (AFP) — Formula One bosses met Friday to discuss strategy with world motorsport chief Max Mosley amid warnings by some top teams they will quit rather than accept new budget caps from 2010 - although former team Lola said they planned to return as a result.
Ferrari, Toyota, Red Bull and Renault have all threatened to pull out if the restrictions are not at least watered down after the FIA unveiled a voluntary budget cap of 40 million pounds (55 million dollars).
Ferrari, an iconic brand since the inception of the world championship, on Tuesday insisted it would pull out unless the International Automobile Federation (FIA) changes its rules - although Gianni Petrucci, president of the Italian Olympic Committee (Coni) has pleaded for a compromise.
The teams' organisation FOTA, under the stewardship of Ferrari president Luca di Montezemolo, was in London Friday cfor talks with Mosley and Bernie Ecclestone, who holds the commercial rights to Formula One.
The BBC quoted Ecclestone as saying: "The key to F1 is Ferrari. They have been there for 60 years. They are partners of ours. They are the people we need to take into consideration."
On Wednesday, Renault followed Ferrari in vowing to pull out of the sport if the budget cap proposals were introduced and Red Bull and Toyota also oppose the changes.
Meanwhile Renault boss Flavio Briatore was adamant that "the rules should be written by us" the teams rather than imposed from above by the FIA.
"They can't be imposed by Max without him speaking to anyone. That's an unacceptable way to work."
Briatore stressed that the teams angered at the new rules were not seeking to form a breakaway championship but wanted to give their views regarding an alternative solution.
The deadline for teams submitting entries for next season is May 29 but Williams chief executive Adam Parr, attending the London discussions, warned that "time is running out," while adding that Williams stood by its support of the budget cap.
The teams who oppose the new regulations say that teams who accepted the budget cap, thereby having access to various technical benefits which are currently banned under current specifications, would have an unfair advantage and therefore create a two-tier championship.
But as some of the big teams fret over the budget cap and its consequences the changes are to the liking of former Formula One outfit Lola, which indicated Thursday it is envisaging a return to the circuit.
The stable last raced in 1997 but said in a statement that it fully backed the FIA revamp and wanted a 2010 season slot.
"The budget cap is prudent, considering the backdrop of global economics. It also takes into account the need for new teams to be able to compete credibly against established entrants."
The team added that the new rules would allow new teams "to be able to compete credibly against long-established entrants.
"It is imperative that performance breaks be afforded to new cost-capped entrants who will have a limited period in which to form teams, design and manufacture their cars. With these breaks Lola looks forward to competing with the existing teams who enjoy decades of experience.
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