F1 in crisis as teams drop breakaway bombshell

The future of Formula One lies in tatters after the Formula One Teams Association confirmed they are to form a breakaway series. The shock announcement was made shortly before midnight on Thursday following a meeting of the eight rebel teams - Ferrari, McLaren, Renault, BMW Sauber, Toyota, Brawn GP, Red Bull Racing and Toro Rosso - at Renault's Enstone base 30 miles from Silverstone. In a strongly-worded statement that pointed accusing fingers at the FIA and F1 supremo Bernie Ecclestone, the 'Fota eight' made it clear they will not sign up unconditionally for the 2010 season. "Since the formation of Fota last September the teams have worked together and sought to engage the FIA and commercial rights holder, to develop and improve the sport," read the statement. "Unprecedented worldwide financial turmoil has inevitably placed great challenges before the F1 community. "Fota is proud that it has achieved the most substantial measures to reduce costs in the history of our sport." It continued: "The FIA and the commercial rights holder have campaigned to divide Fota." "The wishes of the majority of the teams are ignored. Furthermore, tens of millions of dollars have been withheld from many teams by the commercial rights holder, going back as far as 2006. "Despite this, and the uncompromising environment, Fota has genuinely sought compromise. "It has become clear, however, the teams cannot continue to compromise on the fundamental values of the sport and have declined to alter their original conditional entries to the 2010 world championship. "These teams, therefore, have no alternative other than to commence the preparation for a new championship which reflects the values of its participants and partners. "This series will have transparent governance, one set of regulations, encourage more entrants and listen to the wishes of the fans, including offering lower prices for spectators worldwide, partners and other important stakeholders. "The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series." Max Mosley, president of the FIA, unilaterally announced the introduction of a voluntary £40 million budget cap at the end of April without consulting the teams, most notably Ferrari. His publish-and-be-damned attitude has particularly angered the teams, and despite hours of negotiations to resolve the issue, it appears to have culminated in the greatest rift to strike F1 since the championship began in 1950.

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ITN | June 19, 2009

Tags:. .supremo. .brawn. .sauber. .tatters. .bombshell