London, June 19 The Formula One drivers' championship is in crisis after eight of its 10 teams confirmed they are to form a breakaway series.

The decision will cause the greatest upheaval in the sport's 60-year history.

Following a meeting late in the evening, the eight teams that currently form the Formula One Team's Association, have all declined to enter the F1 for 2010, after a row over budget caps, The Sun reports.

"It has become clear that the teams cannot continue to compromise on the fundamental values of the sport. The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motor sport will all feature in this new series," a FOTA statement said.

The eight teams that make up FOTA are Ferrari, McLaren, Renault, Toyota, BMW Sauber, Brawn GP, Red Bull Racing and Toro Rosso.

Williams and Force India have been suspended from FOTA, and do not form part of the breakaway plan.

The row started last year as FOTA disputed the FIA's plans to enforce budget and technical changes in 2010.

Despite weeks of negotiations with FIA president Max Mosley, the two bodies have failed to find a compromise, leaving the sport in total chaos.

Mosley this week wrote to the FOTA teams in a desperate late attempt to end the budget row.

After a four-hour meeting, the FOTA statement continued: "Since the formation of FOTA last September the teams have worked together and sought to engage the FIA and commercial rights holder Bernie Ecclestone, to develop and improve the sport.

"Unprecedented worldwide financial turmoil has inevitably placed great challenges before the F1 community. FOTA is proud that it has achieved the most substantial measures to reduce costs in the history of our sport." (ANI)