At least for now, disaster seems to have been averted as all ten teams currently taking part in the 2009 Formula 1 championship have signed conditional agreements to take part in the series in 2010. These reportedly hinge on the Formula One Teams Association's ability to reach a mutually-agreeable compromise to the contentious budget cap negotiations currently taking place between the FIA and the teams themselves.

At various points over the last few weeks, powerhouse teams such as Ferrari, Renault, Red Bull, Toyota and Toro Rosso had all threatened to withdraw from the 2010 F1 season due to the FIA's insistence on a $60 million voluntary budget cap, which the competitors say would have resulted in a two-tiered rulebook. Prior to this announcement, Williams had been the only current F1 team to commit to racing next season.

In addition to the ten teams taking part in this year's festivities, Campos Racing from Spain and USF1 from the United States have both signed on for 2010 with Prodrive/Aston Martin and Lola from Britain also waiting in the wings. Now, if we could just keep overly attractive girls from messing with the driver's heads, we'd be all set. Thanks for the tip, Pat!

[Source: The Globe and Mail | Photo: Mark Thompson/Getty Images]

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