F1 teams in cost-cutting meeting walkout

(GETTY IMAGES)

The Formula One Teams Association has walked out of a meeting with the sport's governing body to discuss cost-cutting measures.

The FIA was meeting today with the teams that have entered the 2010 F1 championship to discuss the measures agreed last month that avoided FOTA carrying out a threat to form a breakaway series.

All teams must sign a legally binding agreement to reduce costs to early 1990s' levels, but that is yet to happen.

The FIA said: "The eight FOTA teams were invited to attend the meeting to discuss their further proposals for 2010. Unfortunately no discussion was possible because FOTA walked out of the meeting."

FOTA's members are Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.