Ferrari and Red Bull withdraw from FOTA

The New York Times is reporting that the Formula One Teams Association is losing momentum. Both Ferrari and Red Bull have announced their departure from the organization that was supposed to be a forum for advancing the goals of the sport's teams, big and small. In a statement, Ferrari simply said that the FOTA had "run its course." The organization never quite managed to accomplish its goals, including installing a cap on spending to level the playing field and increase competition in this notoriously well-funded branch of motorsport. The 11 member teams of FOTA all agreed on the Resource Restriction Agreement in principal, but the movement seems to have stalled there.

Ferrari and Red Bull were two of the largest teams in FOTA, and their absence will likely be felt by the organization moving forward. Red Bull won both the 2011 and the 2010 Constructors' Championships, and Ferrari has a long and storied history with the sport.