Formula One dived into its biggest crisis in 60 years on Friday, with eight teams planning to set up their own championship. The team association FOTA said that Brawn, Ferrari, McLaren, Red Bull, BMW-Sauber, Toro Rosso, Toyota, and Renault were in unison regarding a decision that would split the sport in two.

The statement said that the teams are not ready to compromise on the values of the sport. The governing body, International Automobile Federation (FIA) had set a deadline for Friday to make their entries to the 2010 championship unconditional or risk exclusion.

The eight teams had submitted entries regarding the rules surrounding the 2010 championship. But the talks failed as both the parties did not reach a compromise. FIA had earlier accused the teams of wanting to take over the sport.

FOTA said its new championship would give opportunities to more entrants, listen to the fans, and believe in transparent governance. It added that the new championship would see major drivers, sponsors, brands, and companies that have been associating with the highest level of motorsport.

No immediate comments were available from FIA or Formula One’s supremo, Bernie Ecclestone. Williams and Force India have already given unconditional commitment to FIA with three new entrants; Campos, Manor, and US F1.  But their commitment to a series without top teams like Ferrari and McLaren is questionable.

Sponsorship deals may be affected with television networks facing the loss of big players of the sport.