Ferrari submit 2010 entry

Ferrari's threat to quit F1 would appear to be over after they and eight other teams submitted conditional entries for next year's championship.

Ferrari had led the threat to pull out of Formula One if the FIA was going to introduce a US$60 million budget cap.

Ferrari's threat to quit Formula One would appear to be over after they today joined eight other current teams in submitting a block conditional entry to compete in next year's world championship. McLaren, BMW Sauber, Toyota, Renault, Red Bull Racing, Toro Rosso and Brawn GP have all confirmed their intention to compete in 2010, seemingly bringing an end to the recent civil war with the FIA over the voluntary budget cap. Several would-be newcomers, including former competitors Lola and a Kuwaiti-financed Prodrive entry that could ultimately appear as an Aston Martin team, also applied to race against them. Friday was the deadline for entries to be submitted and all eyes were on Ferrari, the glamour team who had threatened to turn their back on the sport after an unbroken 60 year involvement unless the 2010 rules were rewritten. However, despite compromises on both sides in recent negotiations, the nine teams have made it clear there are stipulations attached to their entry. A statement on behalf of the Formula One Teams' Association (FOTA) read: "FOTA confirms all its members' long-term commitment to be involved in the FIA Formula One World Championship and has unanimously agreed further and significant actions to substantially reduce the costs of competing in the championship in the next three years, creating a mechanism that will preserve the technological competition and the sporting challenge and, at the same time, facilitate the entry in the F1 Championship for new teams. "These measures are in line with what has already been decided in 2009 within FOTA, achieving important saving on engines and gearboxes. "All FOTA teams have entered the 2010 championship on the basis that: "1) The Concorde Agreement is signed by all parties before 12th June 2009, after which all FOTA teams will commit to competing in Formula One until 2012. "The renewal of the Concorde Agreement will provide security for the future of the sport by binding all parties in a formal relationship that will ensure stability via sound governance. "2) The basis of the 2010 regulations will be the current 2009 regulations, amended in accordance with proposals that FOTA has submitted to the FIA. "All FOTA teams' entries for the 2010 FIA Formula One world championship have been submitted today on the understanding that (a) all FOTA teams will be permitted to compete during the 2010 Formula One season on an identical regulatory basis and (b) that they may only be accepted as a whole. "All FOTA teams now look forward with optimism to collaborating proactively and productively with the FIA, with a view to establishing a solid foundation on which the future of a healthy and successful Formula One can be built, providing lasting stability and sound governance."

*Agencies