Friday 22 May at 22:00 : May 22 (GMM) No solutions were found after nearly seven hours of meetings on Friday, but it seems progress was made to end arguably the most serious crisis in the history of formula one

FOTA chairman Luca di Montezemolo called the Monaco meetings "productive", and more of the same - involving both the angry F1 teams and the forceful FIA president Max Mosley - are scheduled for Saturday

Most team representatives filed out of the Mosley meeting at the Automobile Club de Monaco without commenting, but Brawn CEO Nick Fry said he believes that "good progress" was made

"Proposals were made on both sides and common ground was found," said the Briton

Fry added that he believes the dispute can be settled by the end of this weekend, while Mosley told reporters that the meeting had been "constructive"

The FIA president also said he is "always hopeful and confident there will be an agreement"

Meanwhile, it emerges that F1 chief executive Bernie Ecclestone walked out of the initial teams' meeting, which was staged on Flavio Briatore's yacht, long before it was concluded