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Friday, May 22, 2009

Parties claim “progress” in talks

The teams and the FIA are reporting “small progress” over the £40m budget cap after Friday’s talks aboard Flavio Briatore’s yacht.

Formula One - F1

Talks will continue Saturday between team bosses, Max Mosley and Bernie Ecclestone.

One agreement was reached, but not of a type one could call promising, as FOTA agreed as a group to withdraw from F1 in opposition to the cap if no solution could be found.

It is also becoming clearly evident Ferrari and the FIA signed an agreement in 2005 giving the Scuderia veto power over new rules, thus giving some teeth to the team’s opposition stance. Mosley and the Prancing Horse obviously have different views of whether the cap violates that agreement.

On the flip side, Ecclestone is threatening legal action against Ferrari should the team pull out of F1, claiming it is contractually committed to the sport through 2012.


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