Formula One news

Di Montezemolo misses budget cap meeting

Luca di Montezemolo has not attended the FIA/FOTA meeting at Heathrow on Friday. The Ferrari president, also leading representative of the Formula One Teams' Association (FOTA), was forced to skip the meeting with the sport's governing body as a result of his father's death.

Friday's airport hotel meeting between FOTA, the FIA and F1 commercial rights holder Bernie Ecclestone is based around suggestions for changes to the overall budget cap system ahead of next year. The current scheme for 2010 would see teams electing to run on either an unlimited budget and 2009-like technical regulations or switch to the cap, enjoying greater technical advantages in the process.

Adam Parr, Chief Executive Officer of WilliamsF1

Stepping into di Montezemolo's FOTA position at the meeting is likely to be John Howett, vice president for the committee, whereas team principal Stefano Domenicali takes over as spokesperson for Ferrari as a constructor. Williams' CEO Adam Parr talked to reporters on arrival earlier this afternoon: "I think this is a very important day. I think everybody feels we need to find a solution that makes sense for independent teams, manufacturers and the FIA. Unfortunately, we had an opportunity 12 months ago to do it in a more flexible and gentle way and I fear time is running out."

Parr's comments stem particularly from the fact that smaller teams - considering F1 as a result of the cap - are waiting in the wings, along with the current field, to receive final confirmation of the regulations with a view to submitting their 2010 championship entries at the end of this month before the revealing of next season's line-up in mid-June.

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