Formula 1 teams moved closer to a deal to secure the future of the sport in a meeting in Geneva on Wednesday, even though a final financial document to tie them together was not signed off.
AUTOSPORT reports that representatives from all 13 teams entered into next year's championship met at FOTA's Geneva headquarters to try and finalize a legally binding document that would bind them to cost-cutting moves over the next few years. Although no document was penned after teams failed to agree on every matter in the meeting, which was chaired by Toyota F1 president John Howett, there are now only tiny differences remaining that should be settled in the next few days.
A FOTA source said: "It was a very open dialogue and there are only minor issues to be sorted out now."
Once these small differences are settled, it will clear the way for the FIA to finalize the removal of the budget cap rules from the 2010 regulations and allow all parties to commit to a new Concorde Agreement. It is hoped that these documents will all be ready to be signed off at the end of next week, with an announcement confirming the matter perhaps coming at the Hungarian Grand Prix. BMW motorsport director Mario Theissen said, however, that nothing could yet be taken for granted about a resolution to the controversy that has overshadowed the F1 season.
"I am hopeful, but I have seen too many surprise to bet on it," he said.