Mosley, Ecclestone and the FOTA will meet on Friday

The meeting between FIA president Max Mosley and the FOTA (Formula One Teams’ Association) will be held on Friday in London. Bernie Ecclestone, the head of F1’s commercial rights, will also be present.

Since the beginning of the week, the situation has dangerously escalated between FIA and FOTA, with half of the teams threatening to leave Formula 1 if the 2010 regulations were not amended. These teams are Ferrari, Toyota, Renault, Red Bull (and therefore Toro Rosso), and they categorically oppose the introduction of a budget cap and the possibility of seeing on-track cars following two different technical regulations.

Ecclestone has already intervened on Mosley’s position regarding cost reduction, and on Wednesday he took Ferrari’s threat to withdraw at the end of the year seriously. The 78-year-old Briton believes the prestigious Italian team is the key to the solution.

«They have been here for 60 years, they are our partners. They are people we must take into consideration. »

« For now, everyone is holding on to the strings of their apron. We need to sort all this out and we’ll be okay. » thinks Ecclestone.

Tomorrow’s meeting could be crucial for the future of Formula 1, with Mosley recently stating he is confident in the possibility of reaching an agreement quickly.

As a reminder, the registration deadline for teams in the 2010 F1 World Championship is May 29. Therefore, the protesting teams will have 14 days after the meeting to possibly reconsider their position or carry the threat of withdrawal to the end.