Redbull, Ferrari, Part Ways with Formula One Teams Association & Other Racing News

Two lead sponsors of the overseeing body of regulation that helps to keep the Formula One Sport on track, FOTA, have announced that they will be parting ways with it in 2012. Both Ferrari and Redbull have announced that they will not be returning to the Formula One Team Association in the years that follow. The news is particularly daunting because Redbull won the Constructors’ championship in 2010 and in 2011.

Ferrari issued a simple statement regarding their departure from this body on December 2nd, stating that, “FOTA’s drive has run its course.”

Rumors are widely spurring that the Resource Restriction Agreement, which would have introduced a sport-wide spending cap to keep the nature of the sport more competitive, was to blame. But that’s probably not the truth, because this agreement was first put into place by Luca di Montezemolo, who was CEO of Ferrari at the time.

The organization has been holding meetings to determine its best path forwards in 2012.

Other Racing News:

  • Bernie Ecclestone, the head of Formula One, has announced a deadline extension for the United States Grand Prix, slated for Nov. 18, 2012, in Austin, Texas. The World Motor Sport Council is expected to confirm the 2012 calendar this month. Mr. Ecclestone emphasized that adequate funding needs to be in place for the races to happen.
  • Sprint Cup will remain Sprint Cup. Sources have confirmed to the press that NASCAR has reached a new three year deal with Sprint, extending the name of the cup through 2016.
  • Newman/Haas Racing, which was created by actor Paul Newman, has announced that they will NOT have an IndyCar team in 2012 due to financial calamity. In a recent statement that issued to the press, co-founder, Carl Haas, told the New York Times that,
    “The economic climate no longer enables Newman/Haas Racing to participate in open wheel racing at this time.”