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Glad you agree with me on these but there is one correction. Ferrari Red Bull and Toro Rosso are already signed on to F1 (Court case coming up if you ask me :D)
That leaves five teams and if Renault and Toyota struggle, that leaves three!

autosport.com - F1 News: FOTA teams to launch breakaway series

Great stuff by Max & Bernie... The historical sport is down the closet!:Frustrati

FOTA teams to launch breakaway series

The Formula One Teams' Association announced on Thursday night that it is setting up a breakaway championship.

Following a four hour meeting at Renault's Enstone factory, the eight members of FOTA - Ferrari, McLaren, Renault, BMW Sauber, Toyota, Brawn, Red Bull Racing and Scuderia Toro Rosso - said they had grown frustrated with the FIA's stance against the organisation, and had no option but to create a series of their own.

"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," said a statement issued by FOTA after the meeting.

"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."

F1 teams were given until Friday evening to remove the conditions attached to the provisional entries they posted earlier this month, or risk being left off the grid in 2010.

FIA president Max Mosley wrote to the teams yesterday offering them some of the concessions that they wanted to see regarding governance of the sport, but made it clear that he was sticking to plans for the introduction of a budget cap.

In his letter, Mosley also urged the teams to sign up to the championship before sorting out the final version of the regulations and a redrafted Concorde Agreement.

In response to that letter, the teams met at Renault's Enstone headquarters on Thursday evening for lengthy talks, where they finally decided that there was no way a compromise deal could be reached with the FIA.

The teams expressed frustration that their efforts to try and improve F1 had been rebuffed by the governing body and the sport's commercial rights holder.

"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 announcement by FOTA looks certain to overshadow the British Grand Prix, which takes place at Silverstone for the final time this weekend and which Mosley is expected to attend tomorrow.

With FOTA's stance now seemingly leaving no room for a deal possible, its likely that more new teams will be added to the FIA's 2010 Formula 1 entry list.

The inclusion of Ferrari, Red Bull Racing and Scuderia Toro Rosso on that roster remains open to debate, however, with the FIA claiming that the teams committed themselves to F1 in a deal agreed several years ago.

I am surprised with McLaren and Brawn aggreeing for the break-away series. They were in full support for the FIA and allegedly signed the 'un-conditional' contract already.

This is a joke.
LeMans, here We come :)

Finally ! Its done . Farewell to Formula 1 . May it rest ( race ? ) in peace .
Goodbye mad Max and Bernie . Time to pick up the pieces .
HaHa Force India and Williams F1 . The joke is on you now.

Thumbs up to FOTA . Great job . Lets hope you guys deliever an action packed , highly competetive ,technically brilliant , Championship .
I just hope all of this does not turn out to be disaster for both sides involved .

You bet!!!
Long live 24 Heures du Mans!

This is bound to happen, when there are multiple power centers and too much of a vested interest from the administration. What FIA needs to understand is that it is quite popular because of the teams and their drivers over the years and they cannot dictate terms and conditions without any transparency. There is too much of arrogance. Quite like BCCI. I wish to see something like happening in Cricket as well.

This is breaking news :Shockked:

Read more at this link - BBC SPORT | Motorsport | Formula 1 | F1 teams drop breakaway bombshell

Really surprised about Brawn and McLaren. I expected them to stick with Bernie. Anyway I'm happy about the new Championship. We'll be able to see Ferrari back on top.

Majority stake in McLaren is owned by Mercedes Benz. What use is it competing in a series in which your traditional rivals (read Ferrari and BMW) are not? The other big guns (Porsche, Audi and Aston Martin) are all at LeMans.

I am quite shocked to hear about this, even though recent events were a strong precursor to this final announcement.

I'm not so optimistic about the breakaway series though. Sure, FOTA has the know-how and expertise, but it can be a logistical nightmare. There are so many things that need to be worked out.

And as for the high handedness of the FIA, agreed, it's akin to that of the BCCI, but the ICL didn't turn out to be anywhere close to the IPL, right? Even though they had the sponsors, big money etc.

I am quite disappointed. I was finally beginning to feel happy that Formula 1 was coming back to what it should be- racing. But politics is a very dangerous ingredient to mix with sports.

What's gonna happen about the teams like Force India who already signed up for next season, any idea?

Bombshell indeed ! Good for FOTA clap:

I never thought Max & Bernie would let it get to this - they underestimated the competition & FOTA's called their bluff. Does this mean the return of the traditional tracks & the end of the mickey-mouse circuits ? Bernie will not give up his billions without a fight, but I guess there are enough lawyers on FOTA's side to see this thing through.

I guess it goes without saying that Williams & Force-India will be fighting for the championship in F1 next year !

P.S. - Its just a rose by another name, but I'm curious to see what the new series would be called :D

Just read that the only big boys left in F1 next year will be Williams. All others are gone.

F1 R.I.P. Well done Max and Bernie!!

Wrong comparison,I think.

Its not just the money \ sponsor's \ logistics.Its the BRAND.ICL failed as it was constituted by player's who couldnt make it to their own national teams.People would pay to watch Sachin \ AB etc and wont care about Hemang Badani & co

If FOTA Walk their Talk,then we have all the big names(Kimi \ Alonso etc) going with them as well.

So VM's dreams are going to come true.Force India will fight for constructor's and Sutil \ Fisichella will compete for next year's WDC :-)

...and he be ready with his own set of Good lawyer's.Without the big boys,which sponsor will shower him with $$$ that he is enjoying now?

Great going!

I am really looking forward to the breakaway series, notwithstanding all the legal/logistical obstacles that they will face.

I also hope that, the name of F1 gets carried over to the new breakaway series (or if it comes through, the real F1 among the two series).

It's high time, sports is run by and for manufacturers, drivers and fans, instead of shrewd businessmen (or rather middle men).

I don't have any doubt which side the commercial sponsors would be. Among the two choices, i.e. sponsoring a series carrying legendary F1 tag but without Ferraris/McLarens/Renaults/Toyotas, or sponsoring breakaway series without F1 tag but carrying all above big names, decision should be fairly straightforward.