FOTA (the Formula One Teams Association), which includes BMW Sauber, Brawn GP, Scuderia Ferrari, McLaren-Mercedes, Red Bull Racing, Scuderia Toro Rosso and Toyota, has announced that it will prepare a new Championship, outside the official FIA Formula One series. The statement says FIA tried to divide FOTA, it also ignored the wishes of the majority of the teams and withheld tens of millions of dollars from many teams by the commercial rights holder, going back as far as 2006.
Despite these actions taken by FIA, the Formula One Teams Association continued to seek a compromise. It seems FOTA can take it no more and can't continue to compromise.
from the FOTA press release:
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.
