Williams are F1's second most successful team in terms of constructors titles

Williams have confirmed they will enter the 2010 Formula 1 championship.

Their announcement comes as a solution to the ongoing budget cap row seemed to move a step closer following a series of meetings in Monaco over the weekend.

Williams chief executive Adam Parr said the team felt "morally and legally obliged" to make it clear the team will participate in F1 in the future.

"We owe it to our employees, sponsors and fans who are affected by statements that teams may not enter next year."

Ferrari, the longest-running team in F1, have led threats to quit the sport - along with Toyota, Red Bull and Renault - if planned regulation changes are enforced next season.

We will continue to work within Fota and with Formula One Management and the FIA to find a compromise but no-one should be in any doubt about our commitment to the FIA F1 world championship Williams' chief executive Adam Parr

Formula 1's governing body the FIA wants to introduce an optional £40m budget cap in order to encourage new teams to enter.

Those teams operating under the budget will be allowed far greater technical freedom than those continuing with unlimited funds.

Ferrari, supported by the Formula 1 Teams Association (Fota), have maintained that a budget cap would lead to an unacceptable two-tier championship.

Fota met on Renault team boss Flavio Briatore's yacht in Monaco at the weekend and agreed that all teams could collectively leave F1 if the row was not resolved satisfactorily.

A withdrawal is now unlikely after the teams agreed the framework for a compromise over the budget cap proposals with Max Mosley, president of governing body the FIA in Monaco.

It was agreed in principle to delay introducing the 45m Euro (£39.6m) cap until 2011, while Mosley made other concessions to the teams on governance.

Mosley hopeful on budget cap agreement

BBC Sport understands the teams may also receive more money from F1 supremo Bernie Ecclestone, who runs the companies which control the sport's commercial rights.

Parr stressed the Williams team remained committed to Fota despite becoming the first team to announce their entry.

"The unity of Fota is of paramount importance to Williams," said Parr.

"We will continue to work within Fota and with Formula One Management and the FIA to find a compromise but no-one should be in any doubt about our commitment to the FIA F1 world championship.

"We believe that under the leadership of Ferrari president Luca di Montezemolo and Toyota motorsport president John Howett, Fota has extracted some very significant concessions from the FIA," said Parr.

606: DEBATE A thoroughly pragmatic (and apolitical) decision taken by the Williams team, as always. I am a Ferrari fan but I really do admire Frank and Patrick's "no-nonsense" approach to F1 and racing in general. JetsterF1

"These include not only the procedural aspects of the budget cap but also other elements that will enable the higher budget teams to participate.

"Having said that, Williams has, and has always maintained, that we have a binding contract with both Formula One Management (FOM) and the FIA to participate in the world championship from 2008 to 2010," Parr added.

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