f1vlad.com

<vlad 2:16> The Formula One Teams’ Association has thrown the sport into total chaos by announcing its eight members will set up their own breakaway series at the end of the season.
<vlad 2:16> a joint statement from Ferrari, McLaren, BMW, Renault, Brawn, Toyota and both Red Bull teams issued on Thursday night said they had grown tired of the governing body’s demands and had been left with “no alternative” other than to initiate a split.

FOTA press-release indicates the seriousness and of the matter. "...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...Note to Eds: Statement issued by FOTA on behalf of BMW-Sauber, BrawnGP, Scuderia Ferrari, McLaren-Mercedes, Red Bull Racing, Renault, Scuderia Toro Rosso, Toyota."

I really hope this is not the end of Formula 1 and some compromise will be reached. I have been a huge fan since my early teenage years and love this sport so much!