The BBC and Autosport are both reporting that the 8 biggest teams in Formula 1 will be splitting from the sport to form their own series. FOTA (the Formula One Teams Alliance) has issued the following statement:

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.

Note to Eds: Statement issued by FOTA on behalf of BMW-Sauber, BrawnGP, Scuderia Ferrari, McLaren- Mercedes, Red Bull Racing, Renault, Scuderia Toro Rosso, Toyota.

This is a very sad day for motor sport enthusiasts. Two seperate series, one having all the traditional circuits and the name Formula 1, and another having all the traditional cars, sponsors and drivers will result in two much weaker and more vulnerable series. I doubt that both series would be able to sruvive, and I hope the series that dies will be Formula 1 (never thought I’d say that). I fully support the teams and drivers, and completely oppose Max Mosley’s viewpoint that he can dictate the rules and change them any time he feels fit.

What makes this even worse is the legal battles that will be fought for years to come. Technically Ferrari, Red Bull and Toro Rosso are contractually bound to race in F1 until 2011 (that’s according to Mosley). The teams believe Mosley and the FIA has already broken the contract, and thus nullified this condition. There’s no doubt that this will be fought in court, and whoever loses will owe the winner hundreds of millions of dollars. No matter who’s right in this matter, it will be very messy and stretched out. Then there will be the battles over who has rights over which tracks, sponsorship deals, etc etc.

And then of course there’s the fans. The FIA has simply ignored what we want, which is to see Max Mosley leave his post, as well as transparent rules which is equal for everyone. We don’t want a two-tier championship. We don’t want to see a watered-down budget capped version of the sport. We want to see the pinnacle of motorsport, with equal rules for all. It’s as simple as that.

I can’t believe it’s come to this

[via f1fanatic.co.uk]