Rival team bosses Stefano Domenicali and Martin Whitmarsh have backed a decision by the Formula One Teams Association to extend the current Resource Restriction Agreement.

Teams had agreed a deal which would see them operate under certain financial restraints through until the end of the 2011 season after the idea of F1 running to a set budget cap was vetoed.

After fears that some teams had found a way to work around the restraints, FOTA met in the Singapore paddock during the course of the weekend to discuss the matter and agreed to extend the RRA through until the end of 2017.

With teams keen to avoid an uncontrolled spending war, Ferrari boss Domenicali welcomed the move.

"We can have a fantastic income, but we cannot race alone," he told SpeedTV. "We think that what has been achieved is good for F1. It's important on the other hand that the other small teams will appreciate what we're doing, because if you stretch too much, then you break the cord.

"But this is for sure something that was needed for the future of F1, because it's a moment where our sport needs to do some changes in terms of general approach, and Ferrari wants to play a fundamental role in that."

McLaren chief Whitmarsh, who also holds the position of FOTA chairman, was also pleased with the news which he insisted would help to keep the sport stable.

"We've signed a heads of agreement which has gone a long way to improving it, extending it, making further reductions, and closing the known loopholes," he said. "There's an obligation within the agreement that if anyone knows of a loophole that they declare now or if subsequently they learn of them they do something about it.

"I think it's a good step forwards in trying to manage the resources in F1, creating stability, and just an improvement on that approach. It took compromise from all of the F1 teams to achieve that. I think a week ago not many people would have predicted that we would have been able to achieve that. All credit to the F1 teams for being very sensible and co-operative, and that spirit enabled us to get quite an important agreement in place today."