F1 teams are all in

After weeks of controversy and speculation, the seemingly inevitable has happened – the 2010 Formula 1 grid is pretty much as you were.

A proposed £40m voluntary budget cap – with technical and development benefits for those who selected to comply with it – had led to threats of quitting next year’s F1 championship from all of the teams in the F1 Teams’ Association (Fota), with Ferrari the headline-grabbers.

However on signing-up deadline-day, all of those teams have now signed up, meaning Ferrari, Brawn GP, McLaren and Red Bull will all be present next year. Williams, BMW Sauber, Toro Rosso, Renault and – a surprise to many – Toyota will join them.

A statement on behalf of the Teams’ Association said ‘Fota confirms all its members' long-term commitment to be involved in the FIA Formula 1 World Championship. It has unanimously agreed further and significant actions to substantially reduce the costs of competing in the championship in the next three years.’

Fota wants next year’s F1 season to operate on the basis of current technical regulations, and said that all its teams would race in 2010 if a new financial agreement can be reached with F1's management by June 12. That is also the day the FIA is due to publish its list of 2010 team and drivers list.

On that list could be Lola and Prodrive, the latter planning to enter Formula 1 with the potential to rebrand its team as Aston Martin further down the line. Interesting times.