Despite reports stating that there was a compromise on the way in regard to the current Formula One gridlock where teams are threatening to pull out of the series unless the FIA backtrack on their recent budget caps set to be introduced for the upcoming 2010 championship season, it appears as if FOTA, the Formula One Teams Association, has issued a harsh ultimatum to FIA president Max Mosley.

It appears as if just prior to yesterday’s Monaco Grand Prix, all ten teams currently racing in the series signed their names to a letter demanding that the regulations scheduled for the 2010 championship be scrapped and in return they will sign a new Concorde Agreement, commit for another two years and that the teams themselves will continue working on reducing costs in the sport.

"What we have asked is to go back to the rules of this year, the 2009 rules,” Stefano Domenicali was quoted as saying. "And then see together what we can do in order to make changes for next year. Bear in mind that for sure the cost is something all the teams are fully committed to working on, but is something that is related to the business of the teams. We know what we can invest. We know what we can do, and this is something the teams can discuss internally. We can decide on our own what we can afford to keep the value of F1 at the standard that we know. It is not something that we feel should be involved with somebody else."

The teams have until this Friday to lodge their entries for the 2010 championship, a deadline that Max Mosley has brought forward by six months.