Mosley, Bernie, to meet FOTA on Friday

(GMM) FIA president Max Mosley's meeting with the F1 teams alliance FOTA has been fixed for Friday (May 15).

Amid major teams' threats to withdraw from the sport over the budget caps dispute, we have learned that the crucial meeting will take place in London, also in the presence of F1 chief executive Bernie Ecclestone.

Ecclestone had previously backed Mosley's stance on cost-cutting, but on Wednesday he was taking seriously Ferrari's threat to quit at the end of the season.

The Briton also believes the famous Italian team is the key to a solution.

"They have been there for 60 years. They are partners of ours. They are the people we need to take into consideration," said Ecclestone.

"At the moment everyone is hanging on to their apron strings. Sort that out and we will be ok," added the 78-year-old.