This weekend the Formula One teams and drivers will be at Silverstone for the Santander British Grand Prix, with many fans attending to see the British reigning World Champion Lewis Hamilton in the McLaren, but it could also be a very sad day for the sport.
The latest deadline for the 2010 budget cap agreement is this Friday, 19th June, it appears that the crisis talks between the governing body and the teams are now at a stalemate.
After a failed meeting yesterday, the FIA have today issued a statement confirming that they are not willing to discuss regulations. The statement read;
“Unfortunately, the FOTA representatives announced that they had no mandate to discuss the FIA’s 2010 financial regulations. Indeed, they were not prepared to discuss regulation at all.”
As a result, the meeting could not achieve its purpose of comparing the FIA’s rules with the FOTA proposals with a view to finding a common position.
In default of a proper dialogue, the FOTA financial proposals were discussed but it became clear that these would not be capable of limiting the expenditure of a team which had the resources to outspend its competitors. Another financial arms race would then be inevitable.
The FIA Financial Regulations therefore remain as published.”
The FOTA are rejecting the agreement for an optional £40million budget cap, aimed at helping smaller teams suffering in the economic crisis and also to assist new team wanting to enter the sport.
Ferrari, Renault, Toyota, Red Bull, BMW Sauber, McLaren and Toro Rosso, have all threatened to walk away from Formula One and create a break-away group.
There is now only three-days to go and neither party seem any nearer to reaching an agreement. If the teams fail to sign by the deadline then their names will be removed from the 2010 official entry list and are likely to be replaced by a host of newcomers eagerly waiting in the wings.