Sports

Formula 1 on brink of collapse

by Edmund Jenks | June 18, 2009 at 04:56 pm

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FORMULA ONE was in meltdown last night after eight of its 10 teams confirmed they are to form a breakaway series.

The Formula One Teams' Association announced it would not compromise on the quality of the series by signing up unconditionally for the 2010 F1 season under the FIA's radical new plans for cost-cutting.

FOTA also criticized the FIA's "uncompromising" stance and attempts, along with the commercial rights holder, to divide its member teams.

FIA president Max Mosley was insistent on introducing a voluntary $60 million budget cap for teams to curtail a "financial arms race" in F1. Those that don't agree to the cap would have more technical restrictions, something Ferrari president Luca di Montezemolo had called "fundamentally unfair."

Their decision will cause the greatest controversy and upheaval in the sport's 60-year history.

Following a meeting late in the evening, the eight teams that currently form the Formula One Team's Association - Ferrari, McLaren, Renault, Toyota, BMW Sauber, Brawn GP, Red Bull Racing and Toro Rosso - have all declined to enter F1 for 2010.

The row started last year as FOTA disputed the FIA's plans to enforce budget and technical changes in 2010.

Despite weeks of negotiations with FIA president Max Mosley, the two bodies have failed to find a compromise, leaving the sport in total chaos.

A FOTA statement said last night: "It has become clear, the teams cannot continue to compromise on the fundamental values of the sport.