The Formula One Team Association – FOTA has announced that they are preparing a new Championship as an alternative to FIA’s F1 series in which teams can participate. The new Championship would have a transparent governance and a single set of rules and regulations that will support new team entries and will also listen to fans.
This decision comes as a result to the fact that under FIA’s governance which campaigned to divide FOTA, the fundamental values of the sport have declined to the point where teams do not want to participate in the 2010 World Championship.
FOTA’s press release also mentioned that "The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series".
Source: FOTA | Ferrari