The future of the Formula One Teams’ Association (FOTA) is in serious doubt, after Ferrari and Red Bull Racing both confirmed that they have quit the organisation.
Separate statements from each team confirmed the news, with their resignations following continued disagreements over the management of the group’s voluntary cost-cutting Resource Restriction Agreement, the document binding all of its members to a set spending and staffing limit.
“[We] will remain committed to finding a solution regarding cost saving in F1,” a statement from Red Bull Racing reads in the wake of its confirmed departure.
“FOTA’s drive has run its course, despite the excellent work of current president, (McLaren team boss) Martin Whitmarsh in trying to reach agreement between the various positions for the common good,” Ferrari’s statement adds, also citing that it had quit the group over the continued stalemate over “some issues at the core” of FOTA’s modus operandi.
[Image via Sutton Images]