Crisis averted: F1 2010 is GO GO GO!

FOTA - the Formula One Teams Association have released a statement informing the F1 world that all ten teams have applied to enter the Formula One World Championship in 2010.

Great news for everyone concerned after weeks and weeks of yet more controversy surrounding the support after all teams expressed their unhappiness at the FIA's proposed 2010 regulations and $40 million budget cap.

FOTA have made it clear that, they have applied for the 2010 championship based on it following the same regulations as 2009 with some recommendations made by FOTA and the FIA. So it looks like a budget cap is on hold for a while or at least $40 million is certainly not the figure for 2010.

Williams F1 entered the 2010 championship earlier in the week to FOTA's dislike and subsequently got suspended from the group. We'll have to assume that bridge will be rebuilt now that all ten teams are committed to the sport.

Here's the statement in full:

All FOTA Teams have today submitted conditional entries for the 2010 FIA Formula One World Championship.

FOTA confirms all its Members' long-term commitment to be involved in the FIA Formula One World Championship and has unanimously agreed further and significant actions to substantially reduce the costs of competing in the Championship in the next three years, creating a mechanism that will preserve the technological competition and the sporting challenge and, at the same time, facilitate the entry in the F1 Championship for new Teams. These measures are in line with what has been already decided in 2009 within FOTA, achieving important saving on engines and gearboxes.

All FOTA teams have entered the 2010 championship on the basis that:

1) The Concorde Agreement is signed by all parties before 12th June 2009, after which
all FOTA teams will commit to competing in Formula One until 2012. The renewal of
the Concorde Agreement will provide security for the future of the sport by binding all parties in a formal relationship that will ensure stability via sound governance.

2) The basis of the 2010 regulations will be the current 2009 regulations, amended in
accordance with proposals that FOTA has submitted to the FIA.

All FOTA teams' entries for the 2010 FIA Formula One World Championship have been submitted today on the understanding that (a) all FOTA teams will be permitted to compete during the 2010 Formula One Season on an identical regulatory basis and (b) that they may only be accepted as a whole.

All FOTA teams now look forward with optimism to collaborating proactively and productively with the FIA, with a view to establishing a solid foundation on which the future of a healthy and successful Formula One can be built, providing lasting stability and sound governance.