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GENEVA : Ferrari and all other teams from the Formula One Teams Association (FOTA) on Friday submitted conditional entries for the 2010 Formula One championships.
McLaren, BMW Sauber, Toyota, Renault, Red Bull Racing, Toro Rosso and Brawn GP all signed up, seemingly bringing to an end the heated row with the sport's rulers over FIA president Max Mosley's intention to introduce a voluntary 40 million pound budget cap from 2010.
"All FOTA Teams have today submitted conditional entries for the 2010 FIA Formula One World Championship," the body said in a statement.
"FOTA confirms all its Members' long-term commitment to be involved in the FIA Formula One World Championship."
It added that it had "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."
- AFP /ls
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