Eight teams plan to leave Formula One

SILVERSTONE, England, June 18 (UPI) -- Members of the Formula One Teams Association, made up of most of the sport's top manufacturers, announced Thursday they would create their own racing series.

The group consists of eight teams, including the powerful Ferrari and McLaren organizations.

The race teams have complained that they could not work within the guidelines designed for the 2010 season -- chiefly, a newly imposed spending limit.

"The teams have no alternative other than to commence the preparation for a new championship, which reflects the values of its participants and partners," the eight organizations said in a joint statement.

Joining Ferrari and McLaren in the announcement were BMW Sauber, BrawnGP, Red Bull Racing, Renault, Toro Rosso and Toyota.

The statement said the "wishes of the majority of the teams are ignored."

"Furthermore, tens of millions of dollars have been withheld from many teams by the commercial rights holder, going back as far as 2006."

The teams promised "transparent governance" and said they would "listen to the wishes of the fans, including offering lower prices for spectators worldwide."

The announcement came at the site of Sunday's British Grand Prix. The high-tech Formula One racing series has a 2009 schedule of 17 events from Shanghai to Sao Paulo.

Williams, one of the traditionally successful teams from Formula One, is one of only two existing teams that does not plan to leave the series.