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F1 meeting over controversial budget cap later this week
Hamburg - Formula One teams will meet with motorsport supremo Max Mosley this week in the wake of threats from Ferrari and others to quit if a planned budget cap is introduced.

A spokesman from the ruling body FIA confirmed to the German Press Agency dpa that the meeting with the teams' union FOTA will come before the end of the week.

Further details were not given. The meeting was originally set for next week.

Several teams have questioned their future in the sport after the FIA last month decided to set up a budget cap of 45 million euros (61 million dollars) from next year onwards.

The budget cap is not mandatory, but teams which keep to it will have all technical freedom for engines and aerodynamics of their cars. Teams which spend more money face restrictions.

Teams including BMW-Sauber, Toyota and Red Bull said they would withdraw if the rules are not changed again, and they were on Tuesday joined by Ferrari, the only team that has participated without interruption in Formula One since 1950. [Image: prix.jpg]

"If the new rules for 2010 are not changed, Ferrari will not participate in the new season," the company said after a board meeting in Maranello.

Teams have to say whether they will race next year by May 29.

Presently only Brawn GP, Williams and possibly Force India are in favour of the radical cost-saving plan.

Ferrari were on Wednesday backed by Italy's Olympic Committee, with its president Gianni Petrucci speaking of "a sad day for Italian sport."(dpa)
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