by Leo Diaz

Formula One is broken! Yes boys and girls, you heard me right! Eight Teams; Ferrari, McLaren, Toyota, Renault, BMW, GP Brawn, Red Bull and Toro Rosso decided that there was no way to continue with the FIA, therefore they will proceed without FIA.

The Formula One Teams’ Association announced on Thursday night that they are setting up a breakaway championship.

After an extremely long [four hour] meeting at Renault’s Enstone Factory, the above mentioned eight members for the FOTA announced that they are fed up and frustrated with the FIA’s stance against organization, and had no option but to branch off and create their own series.

According to a statement release;
“The teams cannot continue to compromise on the fundamental values of the sport and have declined to alter their original 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.”

Prior to this you may recall that Honda pulled out of F1 back in Dec of 2008, with an official statement by Honda President and CEO Takeo Fukui. It seems like the F1 series that we have come to know is just another thing for the history books.