Sport
Italy: Top Formula 1 teams to organise separate series
Maranello, 19 June (AKI) - A group of eight disgruntled Formula 1 teams led by Italian carmaker Ferrari and current championship leader Brawn GP have decided to break away from the 2010 Formula 1 Championship and instead vowed to start their own series.
The Formula One Teams Association (FOTA) said in a statement posted in Ferrari's website that "the wishes of the majority of the teams are ignored" and it would start a separate championship.
"These teams...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," said the statement by the Geneva-based FOTA," the statement said.
"It has become clear however, that 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," the statement added.
"The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series."
The other teams that would join Ferrari and Brawn GP are BMW-Sauber, McLaren, Red Bull Racing, Toro Rosso and Toyota.
Last week, Ferrari had reiterated its threat to boycott the 2010 FIA Formula One World Championship unless a number of demands were met.
Formula 1 organisers Federation Internationale de l'Automobile had given five teams a 19 June deadline to reconcile their differences with its plan to impose a budget cap of 60 million dollars per team, as well as limitations on the race cars that would make the sport more competitive for smaller teams.
The dispute is linked to controversial plans by the FIA to impose budget caps and technical limitations on teams in 2010 in a bid to make the competition more balanced and to make it easier for smaller teams to compete.
The Formula One Teams Association (FOTA) said in a statement posted in Ferrari's website that "the wishes of the majority of the teams are ignored" and it would start a separate championship.
"These teams...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," said the statement by the Geneva-based FOTA," the statement said.
"It has become clear however, that 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," the statement added.
"The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series."
The other teams that would join Ferrari and Brawn GP are BMW-Sauber, McLaren, Red Bull Racing, Toro Rosso and Toyota.
Last week, Ferrari had reiterated its threat to boycott the 2010 FIA Formula One World Championship unless a number of demands were met.
Formula 1 organisers Federation Internationale de l'Automobile had given five teams a 19 June deadline to reconcile their differences with its plan to impose a budget cap of 60 million dollars per team, as well as limitations on the race cars that would make the sport more competitive for smaller teams.
The dispute is linked to controversial plans by the FIA to impose budget caps and technical limitations on teams in 2010 in a bid to make the competition more balanced and to make it easier for smaller teams to compete.
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