In a move that may spell the end of Formula One as we know it the FIA has this morning issued the following statement:
As agreed at the meeting of 11 June, FIA financial experts met yesterday with financial experts from FOTA.
Unfortunately, the FOTA representatives announced that they had no mandate to discuss the FIA's 2010 financial regulations. Indeed, they were not prepared to discuss regulation at all.
As a result, the meeting could not achieve its purpose of comparing the FIA's rules with the FOTA proposals with a view to finding a common position.
In default of a proper dialogue, the FOTA financial proposals were discussed but it became clear that these would not be capable of limiting the expenditure of a team which had the resources to outspend its competitors. Another financial arms race would then be inevitable.
The FIA Financial Regulations therefore remain as published.
The increasingly hard-line stance of both parties appears to be at a deadlock, with neither the FIA nor the FOTA contingent willing to make compromises. It would appear that the FIA does not rate the chances of FOTA organising a rival series very highly, although they may well be underestimating the ability of five of the world’s most famous motor manufacturers to put such a plan into action.
This latest move hammers a nail into the coffin of any possible compromise, and with a Friday, June 19th deadline looming fast the eight ‘rebel’ teams – Brawn GP, McLaren-Mercedes, Ferrari, Renault, Toyota, BMW-Sauber, Red Bull Racing and Scuderia Toro Rosso – are left with two choices: they can either remain united and continue with their threat not to race next year, and possibly establish their own series, or they can consider the option of entering unconditionally.
Given that we believe it would be practically impossible for the likes of the manufacturer teams to reduce their spending to the required amount in the time given, and that running above the budget cap would see them at an immediate disadvantage, the options are limited, and it would seem that the possibility of a breakaway series is now more likely than ever.
We await further news with interest.
Written: Tue, 16 Jun 2009 09:34:49
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