An uneasy peace broke out in Formula One yesterday on the eve of the Australian Grand Prix in Melbourne after the rebel carmakers threatening Bernie Ecclestone with a breakaway series submitted their entry forms for the 2008 season.

The five member teams of the Grand Prix Manufacturers Association (GPMA) — BMW Sauber, Honda Racing F1, McLaren Mercedes, Renault F1 and Toyota F1 — pledged their allegiance to Ecclestone, the sport’s promoter, for the immediate future, at least while they continue negotiations to secure an improved share of revenues.

The carmakers believe that they are close to a deal that would give them a bigger say in how the championship is run and more than double their slice of the sport’s commercial revenues.

At present, the participating teams earn about 23 per cent of Formula One’s total annual revenues of about $800 million (about £458 million). The latest offer believed to be under consideration would give them half from this season or 60 per cent from 2008.

They also want a greater degree of financial transparency, an end to the autocratic style of management that has shaped Formula One for three decades and a better balance between profit and entertainment.

The rebels’ hand was forced this month by Max Mosley, the president of the FIA, the sport’s governing body, who gave the teams only a week to March 31 in which to register for the 2008 season or forfeit their position on the grid.

Other teams — Williams, Red Bull, Scuderia Toro Rosso, Midland and Ferrari — have committed to Ecclestone beyond 2007, when the Concorde Agreement, the commercial contract that binds the teams, expires. Ferrari’s loyalty was particularly controversial in that it was secured with the carrot of $100 million and a veto on any rule changes.

Rather than be shut out of the sport, the rebels opted to sign up and try to push through their demands — which include that Ferrari’s special veto be scrapped — from within. They were encouraged by a letter from Mosley last week stating that rules pertaining to the 2008 season could be changed by a simple majority of entered teams. Previously, the FIA has demanded unanimity among the teams before such proposals could be carried.

“The teams look forward to the FIA’s acceptances and to beginning discussions with the FIA in order to finalise the regulations for 2008,” a spokesman for the carmakers said. “The GPMA members are united and remain committed to improve the sport for the benefit of all stakeholders. Significant progress has been made in the negotiations between the GPMA and the commercial rights holder and discussions are ongoing. There are several open issues and it is too early to speak of a final agreement.”

While avoiding a damaging split in the sport, the capitulation of the carmakers to the FIA’s deadline may have weakened their bargaining position. The threat of a breakaway remains, but the FIA has always considered it an empty one and yesterday’s announcement lends weight to that argument.

The first test of the teams’ power could be the FIA’s proposal to prohibit the modification of basic engine design for five years from 2008, except to improve reliability or reduce cost. The FIA said that the freeze on performance gain would “encourage research into engine efficiency”.

The big carmakers may object to the rule that would prevent them from experimenting with new performance- enhancing technology, one of the main reasons they pump millions into the sport.