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Formula 1 News - July, 2009
F1's 13 teams for 2010 meet in Geneva

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Jul.16 (GMM) Bosses of all 13 formula one teams for 2010 met on Thursday at FOTA's Geneva headquarters.

The intention was to discuss and hopefully sign a legally binding 'cost regulation document', which when done will lead to all teams, the commercial rights holders and the FIA ratifying a new Concorde Agreement.

As FOTA head Luca di Montezemolo was detained on business elsewhere, the meeting was chaired by Toyota's John Howett and ran positively, but not to the point where the document could be signed, according to a report by the German website

The purpose of the document is to satisfy the FIA that costs in formula one will reduce to 1990s levels within two years, meaning the budget cap provisions can be deleted from the 2010 rules and FOTA can definitively drop its breakaway threat.

Despite reports earlier this week that peace was nigh, it might now be next week, or even after next weekend's Hungarian grand prix, before all the loose ends are tied up at the end of a heated political saga.

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