For all you Formula 1 fans, here is the latest news:

Quote:
F1: FOTA Confirms Breakaway Series
Written by: SPEED Staff
SPEEDtv.com
06/18/2009 - 07:42 PM
FOTA Media Release Statement issued by FOTA on behalf of BMW-Sauber, BrawnGP, Scuderia Ferrari, McLaren-Mercedes, Red Bull Racing, Renault, Scuderia Toro Rosso, Toyota.

FOTA announced that it will commence preparation for a new Championship which reflects the values of its participants and partners. (Photo: FABRICE COFFRINI/AFP/Getty Images) » More Photos
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.

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.

Following these efforts all the teams have confirmed to the FIA and the commercial rights holder that they are willing to commit until the end of 2012.

The FIA and the commercial rights holder have campaigned to divide FOTA.

The wishes of the majority of the teams are ignored. Furthermore, tens of millions of dollars have been withheld from many teams by thecommercial rights holder, going back as far as 2006. Despite this and the uncompromising environment, FOTA has genuinely sought compromise.

It has become clear however, that the teams cannot continue to compromise on the fundamental values of the sport and have declined to alter their original conditional entries to the 2010 World Championship.

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.

Statement issued by FOTA on behalf of BMW-Sauber, BrawnGP, Scuderia Ferrari, McLaren-Mercedes, Red Bull Racing, Renault, Scuderia Toro Rosso, Toyota.

End of Quote.

It looks like Formula 1 will have a split just like the CART/IRL war. Hopefully, this will not have the destructive effect on F1 like it had on open wheel racing in the US. It will be interesting to see how Bernie and Max react.

 

The Indy debacle came to mind before I finished reading this. It looks like a long-standing tradition is on its way to getting completely screwed up. I hope it doesn't get too messed up, I need my addiction fed regularly.