F1 teams fail to reach deal with Mosley

Formula One teams and the sports administrators have failed to resolve the dispute over a proposed budget cap.

Team owners met FIA president Max Mosley and F1 boss Bernie Ecclestone at a London Heathrow hotel on Friday but emerged without a deal.

Mosley called the meeting friendly but said the teams had gone away to come up with a counter proposal. He said "we are prepared to listen to what they have to say."

Mosley also said Ferrari have filed an injunction in a French court to block the proposed budget cap.

Several teams, including Ferrari, have threatened to withdraw from next year's championship if the budget cap is introduced.