Their appeal against the FIA, which wants to introduce an optional £40m budget cap from 2010, was dismissed by a French court in Paris on this afternoon

The proposal has prompted Ferrari to threaten to quit F1, with Renault, Red Bull and Toyota holding a similar view.

The official deadline for entries into the 2010 world championship is 29 May. .

read more at http://news.bbc.co.uk/sport1/hi/motorsport/formula_one/8058903.stm

With F1 mole blog and  Mosley interview