Aston Martin and Prodrive chairman David Richards has welcomed today's announcement by the FIA confirming a £40m budget cap for F1 in 2010, but the news has not yet convinced the former BAR boss to enter F1 next year. The Briton is concerned that the new rules, which will likely result in three new teams joining next year, would result in F1 becoming an unstable sport.

“The new regulations announced by the FIA today are very much in-line with what we were expecting. We remain encouraged by the new rules which have the potential for a team to be commercially viable and competitive on a far more realistic budget,” commented Richards after the FIA's announcement.

“We also welcome the confirmation that FOM will provide financial support to the new teams,” continued Richards, referring to the deal whereby Formula One Management (FOM) will pay teams $10m upfront and offer them free transport to non-European races for their first year of competition.

“However, it is important for us and our partners, that there is stability in the sport with broad alignment on the future direction of Formula One and this will be a critical issue in our decision making process,” he concluded.

Current and prospective teams have been invited by the FIA to submit applications between May 22 and 29 to compete in the 2010 world championship, with the identity of the 13 teams due to be announced on June 12. David Richards is behind one of four known bids to join the sport next year, with up to seven teams rumoured to be interested.