F1 faces split as teams refuse budget caps

June 19th, 2009 - 3:05 pm ICT by IANS  

Silverstone, June 19 (DPA) Formula 1 racing was facing a dramatic split Friday as eight major teams threatened to form their own championship following demands from the sport’s governing body that their budgets be capped.
The team association FOTA said in a statement that “the teams have declined to alter their original conditional entries to the 2010 F1 Championship”.

“We’ve no alternative than to commence preparation for a new championship,” the statement said.

World racing body FIA boss Max Mosley had demanded that teams put a voluntary cap of $65 million on their race budgets to avoid a “financial arms race” in the sport.

The eight racing outfits threatening to form their own series for the 2010 season were Ferrari, McLaren- Mercedes, BMW-Sauber, Brawn GP, Toyota, Red Bull, Toro Rosso and Renault.

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