FOTA will create its own championship!

The FOTA (Formula One Teams Association) announced Thursday evening that a resolution with the FIA was impossible and that the member teams had no choice but to withdraw from Formula 1.

Following a nearly four-hour meeting at the Renault factory in Enstone, the eight FOTA members, Ferrari, McLaren, Renault, BMW-Sauber, Toyota, Brawn, Red Bull Racing, and Scuderia Toro Rosso, express their frustration with the FIA and have no choice but to create their own racing series.

« Teams cannot continue to compromise on the fundamental values of sport and have refused to modify their conditional entries to the 2010 World Championship, » FOTA said in a statement after the meeting.

« These teams therefore have no choice but to start preparing a new championship that reflects the values of its participants and partners. This series will have transparent governance, a set of regulations that further encourage the participants and listen to the wishes of the fans. These regulations will also offer lower prices to spectators worldwide, partners, and other important stakeholders. »

« The main drivers, stars, brands, sponsors, promoters, and companies historically associated with the highest level of motorsport will be present in this new series. »

The F1 teams had until tonight to remove the conditions attached to their provisional entry granted a week ago, at the risk of being removed from the grids in 2010.

The FIA president, Max Mosley, wrote to the teams yesterday offering compromises regarding the governance of the sport. However, the Briton remained firm on the introduction of a budget cap.

In his letter, Mosley also urged the teams to register for the championship before studying the final version of the 2010 regulations and before considering a new Concorde Agreement.

In response to this letter, the teams met on Thursday evening at Renault’s headquarters in Enstone for lengthy talks. They ultimately decided that there was no way, no solution, and no compromise possible with the FIA.

The teams expressed their frustration with their efforts to try to improve F1. Efforts ignored by the Board of Directors and the commercial rights holder, Bernie Ecclestone.

« Since the formation of FOTA last September, the teams have worked together and sought to engage with the FIA and the commercial rights holder with the aim of developing and improving the sport. »

« The global financial crisis has inevitably brought significant challenges within the F1 community. FOTA is proud to have implemented the most significant cost-reduction measures in the history of the sport. »

« In particular, the manufacturers provided assistance to independent teams, some of which would probably not be in the sport today without FOTA’s initiatives. The organization also agreed on a significant cost reduction that provides a viable model for the future. »

Following these efforts, all teams have confirmed to the FIA and the commercial rights holder that they are willing to commit to F1 until the end of the 2012 season.

« The FIA and the commercial rights holder campaigned to divide the FOTA. »

« The will of the majority of the teams has been ignored. In addition, tens of millions of dollars have been withheld since 2006 by the commercial rights holder at the expense of the teams. Despite this, FOTA has genuinely sought a compromise. »

The announcement from FOTA will overshadow the British Grand Prix, which is taking place for the last time this weekend at Silverstone. Mosley is expected at the circuit today.

Now, the position of FOTA seems clear and leaves no room for an agreement. It is therefore likely that new teams will be added to the FIA’s list for the 2010 championship.

The presence of Ferrari, Red Bull Racing, and Toro Rosso on this list remains open to debate because the FIA argues that these F1 teams have committed to the terms of an agreement reached several years ago.