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, but feel that they are being blocked by the governing body, who yesterday imposed a deadline of today to accept unconditional entry to the 2010 Formula One World Championship.
The eight teams, all the current F1 teams bar Force India and Williams (and, we believe, joined by Lola), have worked to make F1 financially viable, without allowing third parties to affect the business of Formula One, with the manufacturer teams providing assistance to the independent teams, a number of which, Brawn GP included, 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.
In coming to these agreements, each team had guaranteed entry to the F1 championship until 2012, assuming such changes were agreed.
However, according to FOTA the FIA and the commercial rights holder have campaigned to divide FOTA, with the wishes of the majority of the teams being 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.
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.
A full statement from FOTA will be released today. We also expect a response from the FIA.
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Quote:steve664npc
And that's why the FIA will compromise and give in to the idea of a staggered cost cap.
Over the course of this weekend you are likely to see Bernie stepping in. He has a lot to loose...
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