Eight teams threatened to defect from the Federation Internationale de l'Automobile, Formula 1's sanctioning body and start their own series. The eight potential defectors included BMW Sauber, Brawn GP, Ferrari, McLaren, Red Bull Racing, Renault, Toro Rosso and Toyota.
The bone of contention? A proposed $60 million budget cap for the upcoming 2010 season. Formula 1 has always been true baller territory, so the teams in question did not want a lower cap; they wanted no cap, period. About a week after threatening to go play in their own sandbox, the teams and Formula 1 met at the World Motor Sport Council in Paris and the cap for 2010 was ultimately ditched.
Caught in the crossfire is the much beleaguered F1 director Max Mosley who has agreed to resign from his position in October as per negotiations in Paris. Reduction of costs is still an issue in F1 and the sanctioning body expects to address it in the future but for now the series is solid with team commitments until 2012. Let those tachs peak at 19,000 rpm.