'It has become clear that the stables cannot continue to make compromises on the fundamental values of the sport,' read the statement. -- PHOTO: REUTERS
SILVERSTONE - FORMULA One plunged into its biggest crisis in 60 years on Friday with eight of the 10 teams announcing plans to set up their own championship.
Formula One Teams Association Statement
SILVERSTONE (England) - STATEMENT released by the Formula One Teams Association on Friday on behalf of BMW-Sauber, Brawn GP, Scuderia Ferrari, McLaren-Mercedes, Red Bull Racing, Renault, Scuderia Toro Rosso and Toyota, announcing a breakaway series after failing to resolve their dispute with the FIA:
'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.
FOTA said their new series would encourage more entrants, listen to the wishes of fans and have transparent governance.
The teams, who are due to race in the British Grand Prix on Sunday, also promised 'lower prices for spectators worldwide, partners and other important stakeholders.
The teams association FOTA said BMW-Sauber, Brawn, Ferrari, McLaren, Red Bull, Renault, Toro Rosso and Toyota were united in a decision that would split the sport in two if carried through.
'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.
'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.' The governing International Automobile Federation (FIA) had set a Friday deadline for teams to make their entries unconditional or risk exclusion in favour of would-be new competitors.
The eight FOTA teams had submitted entries conditional on the 2010 rules, which include a controversial budget cap, being rewritten and the signing of a new commercial agreement governing the sport.
Attempts by both sides to reach a compromise failed, with the FIA accusing teams earlier in the week of wanting to take over the sport.
The eight FOTA members met at Renault's Enstone headquarters on Thursday evening after receiving letters from FIA President Max Mosley urging them to drop their conditions and sign up.
Their statement accused the FIA and Ecclestone, who represents commercial rights holder CVC, of trying to divide them.
'The wishes of the majority of the teams are ignored,' the statement said. '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.' FOTA will have plenty of options when it comes to drawing up a calendar, with Formula One having discarded several European and American venues in recent years in favour of lavish new facilities in the Middle East and Asia.
Silverstone, which hosted the first championship race in 1950, will join that list after Sunday. -- REUTERS
