UpdateF1 >> Formula 1 News > The FOTA Statement in Full

Breakaway

Following is the full statement from FOTA issued late on Thursday night; it is reproduced in full as we consider it perhaps the most important document in F1 terms since the Concorde Agreement:

Silverstone, 18 June 2009 - 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 the commercial 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.

While many are speculating as to whether this will actually happen, or whether it is a final bargaining tool designed to sway the FIA, we have little doubt that the intention is for FOTA to organise a new series as stated. We are also of the belief, and have been thanks to sources for some time, that FOTA have had a contingency plan in place for some time to deal with this very situation.

Details are yet to be forthcoming, and a response from the FIA - who still insist that Ferrari, Red Bull and Toro Rosso ar contracted to race in F1 next year - is to be expected, no doubt riddled with the usual derogatory comments that Max Mosley is prone to include.

What is known is that FOTA can call on eight teams - with cars and engines - and has the backing of the drivers, and has among its ranks many people who can draw on contacts in order to put this plan into place, and it is also known that investigations have been made by the organisation into television rights and promoters contracts, as well as with a number of possible organising bodies.

One thing that is puzzling us at the moment is the relative silence of Bernie Ecclestone; there is a school of thought, and rumour too, that he is on the side of FOTA, having become frustrated with the lack of effort by the FIA faction to achieve a compromise.

UpdateF1 will endeavour to bring you further news as we get it.

Written: Fri, 19 Jun 2009 07:16:08