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F1 teams to set up rival series
Mosley's stance has angered the majority of F1 teams
Formula One has been thrown into chaos after the Formula One Teams Association (Fota) carried out its threat to set up a rival championship in 2010.
Eight of F1's major teams have been frustrated by deadlocked talks with world motorsport boss Max Mosley over his controversial budget cap proposals.
"The teams have declined to alter their original conditional entries to the 2010 F1 Championship," said the teams.
"We've no alternative than to commence preparation for a new championship."
Mosley was insistent on introducing a voluntary £40m budget cap for teams to curtail a "financial arms race" in F1.
But Fota refused to agree to his conditions, prompting championship leader Brawn GP, Ferrari, McLaren, Renault, Toyota, BMW Sauber, Red Bull Racing and Toro Rosso to take their drastic action.
Only Williams and Force India have agreed to take part in the existing F1 championship next year.
Fota took its momentous decision following a four-hour meeting on Thursday night.
"Since the formation of Fota last September the teams have worked together and sought to engage the FIA and commercial rights holder (Bernie Ecclestone), to develop and improve the sport," read a Fota statement.
"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 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
Fota statement
"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, 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: "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."
http://news.bbc.co.uk/sport1/hi/motorsp ... 108488.stm