Formula One's been thrown into disarray on the eve of the British Grand Prix with the Formula One Teams Association announcing they're going to set up a rival championship.
The group which consists of McLaren-Mercedes, BMW Sauber, Renault, Toyota, Brawn GP, Ferrari, Red Bull and Toro Rosso - have rejected plans by the FIA, which is Formula One's governing body, to introduce rule changes including a budget cap from next year.
Williams and Force India, however, have accepted the new framework, along with the three new teams.
However in a statement from Formual One Teams Association makes it clear that they are ready to launch a breakaway competition.
The statement says the teams cannot continue to make compromises on the fundamental values of the sport and have no alternative but to start a new championship.
It says the series will encourage new entrants, a single set of rules, and lower admission prices.
