Shock news from the Monaco Grand Prix.

Formula 1’s problems have not been resolved by a four hour meeting on a yacht.

This incredible non-development in the ongoing saga didn’t happen yesterday afternoon, following two meetings of F1’s decision makers.

In all seriousness, F1’s problems at present are so deep seated that they were never going to be resolved in the space of one afternoon and two meetings. The FIA will not budge over its plans for a budget cap, nor its intention to rigorously check the teams’ accounts next season. FOTA, on the other hand, will not budge over their insistence for a heightening of the budget cap, the dropping of the two-tier 2010 technical regulations nor the requirement of the FIA to check their accounts.

Interestingly, all these three points fall almost into insignificance when one takes into account potentially the most telling line from FOTA President Luca di Montezemolo yesterday, when he declared that all the teams were united in their insistence in a change of governance at the FIA.

That’s a huge statement, because it isn’t just aimed at questioning the way in which the regulations have been changed, it is essentially calling on Max Mosley, as President of the FIA, to stand aside. By saying that FOTA will not be happy until the method of governance has changed, they are leaving a very clear decision.

Either Max goes, or they go.

It’s therefore no shock that FOTA and the FIA failed to find an agreement yesterday. And in the current political climate, it looks unlikely that any agreement will be forthcoming in the short term.

Two immovable political objects have met head on.