Official: FOTA Leaving F1 World Championship Next Year

To F1 fans' dismay, the official statement is out. In a stunning development, the Formula One Teams Association (FOTA) has announced plans to abandon the F1 World Championship and create a rival championship beginning next year.

After a meeting at Renault F1 U.K. headquarters, FOTA's eight constituent teams (BMW Sauber, Brawn GP, Ferrari, McLaren-Mercedes, Renault, Red Bull Racing, Scuderia Toro Rosso, Toyota) decided that they have had enough of FIA president Max Mosley and F1 commercial boss Bernie Ecclestone.

For some time now, the prominent F1 teams including Ferrari have been disputing with the FIA regarding next season's £40 million budget cap and future technical regulations. The official statement also mentioned the large amounts of money paid by track owners to Bernie Ecclestone for the right to hold an F1 race—more than ten million pounds, in fact. If FOTA follows through on their statements, the entire business of racing could be made cheaper, benefiting teams and fans alike.

Of course, there could be further development and this latest move could just be the leverage FOTA needs for negotiations. But if indeed FOTA truly leaves F1, we suspect that many current sponsors will leave with them. For now, though, let's see what Max Mosley has to say.