In yesterdays World Council meeting, the proposed budget cap in Formula one was officially approved, however while the original amount submitted was roughly thirty million Euros, FIA President Max Mosley has hinted that it may be a little more…

"Everything is going ahead as planned. It's a little bit more than 30 million but we have been successful," Mosley told reporters after the meeting. "People cannot in the current economic conditions get enough money to survive without it."

Several prospective new teams are waiting on the actual amount to be declared so that they can decide whether or not they will make a grand entry into the pinnacle of motor racing next season, such as Dave Richards, iSport and Lolo, not to mention the all US team that has already confirmed their intended presence.  

Details of the meeting should be published soon.