Ferrari and FOTA President Luca di Montezemolo is to miss today's crunch meeting with Bernie Ecclestone and Max Mosley following the death of his father. Consequently, Ferrari will be solely represented by team boss Stefano Domenicali.
While today's meeting is likely to be the first of many in the coming weeks and months, it is vital, especially in light of this week's official announcement from Renault and Ferrari.
"This is a very important day," Williams chief executive Adam Parr (right) told reporters as he arrived for the meeting, "I think everybody feels we need to find a solution that makes sense for independent teams, manufacturers and the FIA.
"Unfortunately we had an opportunity 12 months ago to do it in a more flexible and gentle way," he added, "and I fear time is running out."