Eight Formula One teams said Thursday they would create a breakaway series championship following a financial dispute with the world governing body over a proposed budget cap for next season. All eight teams are members of the Formula One Teams Association (FOTA), which made the announcement in a press release. The current wrangles stem from controversial plans by the Federation Internationale de l’Automobile to impose a budget cap of $60M for competing teams and technical limitations on teams in 2010 in a bid to make the grid more balanced and easier for the smaller teams to compete successfully
