F1 crisis meeting kicks off in London

(GMM) The meeting between FIA president Max Mosley and the F1 teams, also involving Bernie Ecclestone, is currently taking place in London's Heathrow airport hotel conference rooms.

But the man at the centre of the furor, Luca di Montezemolo, is not in town, despite threatening on Tuesday to pull his famous Ferrari team out of the sport.

Montezemolo is also president of the F1 teams alliance FOTA, but it emerges that the 61-year-old remains in Italy due to the death of his father.

Team boss Stefano Domenicali is instead representing Ferrari in London, while it is believed that Toyota's John Howett is standing in as FOTA chairman.

"We have always been in support of the budget cap," Williams chief executive Adam Parr said as he entered the hotel, amid the ruckus of the world's media.

At the heart of Friday's agenda is not just the budget cap issue, but also the teams' concerns about the general governance of the sport.