Formula One:The Formula One Teams' Association have made a last-ditch attempt to resolve their feud with the FIA and bring peace to the sport.
Stung by the withering criticisms yesterday made by the FIA, FOTA wrote to FIA president Max Mosley and F1 supremo Bernie Ecclestone calling for a compromise and an end to the protracted dispute.
The letter was signed by all the team principals of the eight-strong FOTA group.
Highlighting the "increasingly negative publicity generated for Formula One," the letter read: "The time has come when, in the interests of the sport, we must all seek to compromise and bring an urgent conclusion to the protracted debate regarding the 2010 world championship.
"We hope you will consider that this letter represents significant movement by the teams, all of whom have clearly stated a willingness to commit to the sport until the end of 2012.
"We would therefore strongly, but respectfully submit, you consider these proposals and seek to avoid the potential departure from Formula One of some important teams.
"Now is the time to find a reasonable and rapid solution to the outstanding issues."
On the thorny subject of governance, FOTA then proceed to propose the signing of a new Concorde Agreement - a confidential commercial document governing the sport - based on the 1998 covenant, but with revisions to bring it up to date.
With regard to the £40million budget cap the FIA confirmed will now go ahead after a breakdown in talks during a meeting with financial factions from both sides on Monday, FOTA insist they are committed to cost reduction.
They point out they "have to date achieved cost reductions that are greater than any previously achieved in the history of the sport."
FOTA's main concern has surrounded the policing of such a cap, and the potential intrusion into the teams' books.
Expressing surprise at the FIA's decision in calling a halt to any further discussions on the matter, FOTA are nominating "a top firm of independent accountants" who would "devise an audit methodology that would be implemented by all the teams."
Finally, FOTA insist upon one set of rules being adopted by all the teams, as mentioned by the FIA in yesterday's statement, with no exceptions.
In return, the teams agree to assist the new entrants with low-cost engine and gearbox packages, as well as negotiate terms with regard to technical assistance for chassis development.
Given five teams - McLaren, Renault, Toyota, BMW Sauber and Brawn GP - have until close of business on Friday to unconditionally sign up for 2010, FOTA have proposed extending the deadline until July 1st.
FOTA conclude: "We hope FIA and FOA (Ecclestone's organisation) will now join with FOTA in a spirit of good faith and compromise, and agree a fair and reasonable new tripartite Concorde Agreement as soon as possible."