Silverstone, England (My Sportsbook) - The Formula One Teams Association has announced it will create a new championship series for 2010.

Eight F1 teams -- BMW-Sauber, BrawnGP, Ferrari, McLaren, Red Bull Racing, Renault, Toro Rosso and Toyota -- had submitted conditional entries for the 2010 world championship run by FIA, the sport's governing body.

The FIA invited the teams to lift the conditions when it published its entry list a week ago. However, FOTA released a statement Friday, saying the teams "have declined to alter their original conditional entries to the 2010 World Championship.

"These teams therefore have no alternative other than to commence the preparation for a new Championship which reflects the values of its participants and partners."

The release listed a number of complaints with FIA, specifically that "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."

It continued to say the series "will have transparent governance, one set of regulations, encourage more entrants and listen to the wishes of the fans, including offering lower prices for spectators worldwide, partners and other important stakeholders.

Aside from those detailed by the FOTA's release, a problem between the FIA and FOTA appears to be the budget cap introduced by the FIA. The FIA released a statement June 16 detailing the rift between the two sides and the rationale for a cap, which said, "If we wish to see innovative technology in Formula One, the only way is to limit expenditure and allow the engineers freedom to do their best within a fixed budget."

The FIA's release continued to say that without the cap, F1 would lose teams and "will provide technical freedom on a level playing field. With a limit on expenditure, the cleverest and most innovative engineering team will win."