Friday, June 19, 2009

FIA financial arms race

Ferrari, McLaren, Brawn GP, Renault, Toyota, BMW Sauber, Red Bull Racing and Toro Rosso have all declined to enter F1 for 2010.
The rebels, which form the Formula One Teams' Association (FOTA), failed to reach a compromise with FIA president Max Mosley over plans for a £40m budget cap and pointed accusing fingers at him and F1 supremo Bernie Ecclestone
The sport's governing body has now hit back, saying: "We are disappointed but not surprised by FOTA's inability to reach a compromise in the best interests of the sport.
"It is clear that elements within FOTA have sought this outcome throughout the prolonged period of negotiation and have not engaged in the discussions in good faith.
"The FIA cannot permit a financial arms race in the championship nor can the FIA allow FOTA to dictate the rules of Formula One."
Motor sport's governing body had issued a deadline of Friday for teams to enter next year's championship unconditionally.
The 2010 competition now consists of Williams and Force India, along with the three new outfits - USF1, Campos and Manor.


Source : www.reuters.com/article/rbssHomebuilding/idUSLJ16370720090619

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