The deadline for Formula One teams to agree to a proposed budget cap by the International Automobile Federation (FIA) ends today. However, if a senior insider is to be believed, a compromise formula has emerged where the Formula One Team Owners Association (FOTA), the representative body for the F1 teams, have agreed to a two-step process towards the concept of cutting down costs and allowing for more teams to participate.
At a meeting in London yesterday, FOTA were still pushing for a gradual approach towards cutting down costs with a budget cap of £96m (Dh512m) in 2010 and to the FIA-proposed £40m in 2011. Fota also agreed to propose a system of technical partnerships for the new teams to assist them in joining the grid in 2010. Only Williams have signed up for the new rules with Force India tipped to follow suit.