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SILVERSTONE, England: F1 plunged into its biggest crisis in 60 years on Friday with eight of the 10 teams announcing plans to set up their own championship.

The teams association FOTA said BMW-Sauber, Brawn, Ferrari, McLaren, Red Bull, Renault, Toro Rosso and Toyota were united in a decision that would split the sport in two if carried through.

"The teams cannot continue to compromise on the fundamental values of the sport and have declined to alter their original conditional entries to the 2010 World Championship," FOTA said in a statement.