Breaking News: Formula 1 and FOTA have officially split, and that means Ferrari, BMW Sauber, Brawn, McLaren, Redbull, Toro Rosso, Renault and Toyota will not be taking part in the 2010 Formula 1 World Championship. But don’t be alarmed race fans, FOTA is planning to start a brand new racing series which will be even more fun to watch and even more competitive. It will feature lower seat prices for the events and just as much glamour and speed. We look forward to next year, but the question is, what championship will you watch? Formula One or FOTA? Click read more to read the official FOTA press release below and get an idea of whats going on.

FOTA PRESS RELEASE:
FOTA UNITED ON THE FUTURE
Silverstone, 18 June 2009 - 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.

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.

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.

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.

(Source: FOTA)