The Geneva-based FOTA - who consist of McLaren-Mercedes, BMW Sauber, Renault, Toyota, Brawn GP, Ferrari, Red Bull and Toro Rosso - have been opposed to FIA´s plans to introduce rule changes over a proposed budget cap for next season and other plans for the future of the sport.
Williams and Force India, however, have accepted the new framework, along with the three new teams, USF1, Campos and Manor.
However, in a statement from FOTA the rebel teams make it clear that they are ready to launch a breakaway as of the next campaign. "It has become clear that the stables cannot continue to make compromises on the fundamental values of the sport," read the statement. "They have refused to modify the conditions regarding their signing up to the 2010 world championship."
"The teams have no other alternative but to begin to prepare for a new championship which reflects the values of the competitors and their sponsors.
"This series will have a transparent governing body, one single set of rules, it would encourage new entrants, would willingly listen to the fans wishes, which includes lower admission prices throughout the world, for the sponsors and major shareholders."
Meanwhile, motor racing´s governing body the FIA said Friday it was disappointed, but not surprised after the FOTA announced it would set up a rival championship next season.
"The FIA is disappointed but not surprised by FOTA´s inability to reach a compromise in the best interests of the sport," the FIA said in a statement. "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," added the FIA, which underlined that the entry deadline for 2010 entries would expire Friday evening with the team entry list to be announced Saturday.
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