F1 teams prepare for breakaway series

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SILVERSTONE, England -- Formula One's biggest teams began preparations for a breakaway series early Friday after failing to resolve their dispute with motor sport's governing body over financial constraints.

The Formula One Teams' Association announced it would not compromise on the quality of the series by signing up unconditionally for the 2010 F1 season under the FIA's radical new plans for cost-cutting.

FOTA also criticized the FIA's "uncompromising" stance and attempts, along with the commercial rights holder, to divide its member teams.

FIA president Max Mosley was insistent on introducing a voluntary $60 million budget cap for teams to curtail a "financial arms race" in F1. Those that don't agree to the cap would have more technical restrictions, something Ferrari president Luca di Montezemolo had called "fundamentally unfair."