Other Sports / Graham Lewis / 19 June 2009 / Leave a comment

Graham Lewis assesses the shocking Formula One news which broke earlier today.

Eight major teams from the FIA Formula 1 series have announced that they intend to form a breakaway race series for the 2010 season.

The Teams from the F1 Teams Association (Fota) are unhappy about proposed budget caps, an ongoing argument that has overshadowed much of the racing this year. World Motor sport boss Max Mosley has argued that there must be a budget cap to keep costs down in difficult financial times, and to make the sport accessible to smaller teams.

Fota have refused to agree to the proposals, and while it had looked like an agreement could be reached, this new decision was taken at a meeting last night, just hours before the practice sessions start for the British Grand Prix at the legendary Silverstone circuit.

Brawn GP, Ferrari, McLaren, Renault, Toyota, BMW Sauber, Red Bull Racing and Toro Rosso are the teams leading the decision, and with big names like this the FIA will have to take notice because a breakaway could become bigger than the original sport itself.

The Fota statement reads:

"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. "

With the current race season still in full swing, be sure to check out the wide range of markets available on Betfair this weekend.