McLaren and Renault Threaten to Pull Out of Melbourne Race

Britain's Times newspaper reported that Renault team boss Flavio Briatore and McLaren Chairman Ron Dennis threatened to organise a boycott of Sunday's race unless Formula 1 supremo Bernie Ecclestone paid up.

Ecclestone in return has reportedly threatened to cancel the charter plane taking the cars to Melbourne. A statement posted on the official Formula 1 website (www.formula1.com) by his Formula 1 Administration accused FOTA of making "inaccurate and misleading" comments. "Neither CVC nor FOA owes any amount to any team," it said.

McLaren team Principal Martin Whitmarsh said that while he had not been at the meeting, he believed Ecclestone's version of events to have been "relatively theatrical".

"There is a lot of tension in this climate about lots of teams being owed lots of money," he said. "I think that is a business between the teams and Bernie that needs to be resolved urgently."

Major Desicions Expected at FOTA meeting in Geneva

The senior management of the FOTA affiliated Formula One teams are meeting at the FOTA headquarters in Geneva, Switzerland for finalising their proposals aimed at increasing the stability, sustainability, substance and spectacle of the sport. Among those participating in the meeting include Mario Theissen from the BMW Sauber F1 team, Flavio Briatore from the Renault F1 team, Christian Horner from the Red Bull Racing team, Luca di Montezemolo from Ferrari and Ron Dennis from the McLaren group.

The absence of Vijay Mallya, the flamboyant owner of Team Force India, was conspicious by his absence.

A press conference will be held today to announce the decisions of the meeting.

FOTA [Formula One Teams Association]is a group of Formula One teams that was formed in 2008.