F1 teams set to meet deadline to enter 2010 season amid compromise over budget cap

F1 teams look set to meet entry deadline for 2010

GENEVA — A standoff between Formula One teams and the sport’s governing body over a budget cap appears close to being settled Friday with teams preparing to meet an entry deadline for the 2010 season.

The Formula One Teams Association was expected to deliver application forms on behalf of nine teams — Brawn, BMW Sauber, Ferrari, Force India, McLaren, Red Bull, Renault, Toro Rosso and Toyota — at the Geneva office of governing body FIA. The 10th team, Williams, lodged its entry earlier this week.

Ferrari, Renault, Red Bull, Toyota and Toro Rosso have threatened to pull out of F1 next season if FIA goes ahead with plans to introduce the $60 million budget cap.

Under a reported compromise, the 2010 season could start with teams operating under a $140 million cap in exchange for sharing technology with new teams. The original proposal for a cap of $60 million would be deferred until 2011.

FOTA secretary-general Simone Perillo said the organization would not comment before the deadline passed.

Williams, the 10th team on the grid this season, broke ranks on Monday by lodging its 2010 entry and was temporarily suspended from FOTA.

FIA has set a maximum of 26 cars in next year’s championship compared to 20 this season, which has seen the sport hit hard by the global economic downturn.