Formula One's future in doubt

[6 Shooter]

Formula One's future was in turmoil Friday after Ferrari, McLaren and six other teams announced plans for a rival series following the collapse of heated negotiations with the sport's organizers over a budget cap for next season. The FIA, the sport's governing body, responded by accusing the Formula One Teams Association of trying to dictate the rules of motorsport and intentionally triggering the biggest crisis to engulf F1 since the championship began in 1950.

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[jrose7004]

Sounds a little bit like CART vs. IRL a few years back.