F1 teams drop breakaway bombshell

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Formula 1 has been thrown into chaos after eight of its major teams said they are now planning to set up a rival championship for the 2010 season.

The threat by members of the F1 Teams Association (Fota) intensifies their row with world motorsport boss Max Mosley over his 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.

They announced their decision following a four-hour meeting on Thursday night ahead of this weekend's British Grand Prix at Silverstone.

"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.