Last Updated: Fri, 19 Jun 2009 09:01
Eight major Formula One teams are to set up a rival championship for the 2010 season in a row over Max Mosley's budget cap proposals.
The shock announcement by members of the F1 Teams Association (Fota) comes following a four-hour meeting on Thursday night ahead of this weekend's British Grand Prix at Silverstone.
"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."
Motorsport boss Mosley had made no secret of his plans to push ahead with 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 announce their breakaway bombshell.