The Formula One Team s Association (FOTA) have announced that they will be setting up a breakaway series. The eight teams in FOTA Ferrari, McLaren, BMW, Toyota, Brawn, Renault, Red Bull Racing and Toro Rosso met at Renault s factory last night and have said they feel there is no option other than to create their own championship.
A statement from FOTA reads, “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.
“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,” said 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.
“In particular the manufacturer teams have provided assistance to the independent teams, a number of which would probably not be in the sport today without the FOTA initiatives. The FOTA teams have further agreed upon a substantial voluntary cost reduction that provides a sustainable model for the future.
“Following these efforts all the teams have confirmed to the FIA and the commercial rights holder that they are willing to commit until the end of 2012.
“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.”
The official 2010 Formula One championship entry list has Ferrari, Red Bull and Toro Rosso on it, with the FIA claiming that the trio had committed to the sport in a deal made several years ago. However it is likely that the entry list will change over the next few weeks to include more new teams.