The Formula One Teams’ Association announced on Thursday night that it has decided to setup a breakaway championship and not go into Max Mosley’s proposals to enter Formula One under the cost cap regulations. BMW Motorsport Director Mario Theissen gave a following statement over the historic event in the sport.

Mario Theissen:

“The FOTA teams endeavoured to the very end to reach an agreement, but regrettably the FIA refused to back down from its rigid position, insisting that the teams must first sign up before there could be any negotiations on the rules. This was unacceptable to us.

“FOTA therefore has no choice but to press ahead with preparations for an alternative championship. In the series organised by FOTA, the best drivers and the best teams will compete against each other. This will take place within a stable set of regulations and a transparent management structure. We will also take into account the wishes of the fans, who have lent us a great deal of support particularly in recent weeks.

“Since its founding in September of last year, FOTA has been committed to cutting costs in Formula One, enhancing its appeal and supporting independent teams. During this short period of time, more has been achieved than ever before in the history of Formula One.

“We will not be making any further statements on the matter during this weekend. We want to concentrate fully on the race and provide the fans with the spectacle they deserve.”