This is probably the best news I have heard in sometime.

FOTA (Formula One Teams’ Association) has announced that they are frustrated with the attitude of FIA (Federation Internationale de l’Automobile).

And they are now going to launch their own breakaway championship separate from Formula-1.

FOTA consists of eight of the current Formula-1 teams: Ferrari, McLaren, Renault, BMW Sauber, Toyota, Brawn, Red Bull Racing and Scuderia Toro Rosso.

FOTA said in its statement: “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.”

It would be great to see these teams running their own championship as FIA has been playing too many games by introducing too many rules changes every now and then practically making a mockery of the sport.

FOTA further said: “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. 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.”

Apparently, Force India and Williams are the only two teams which are with FIA from the current grid. We would like to know what Vijay Mallya is thinking right now!