Formula 1 teams have been in negotiations with autosport's governing body FIA over proposed budget caps designed to curtail costs.
Following a breakdown in negotiations the Formula One Teams Association (Fota) has said it is preparing for a new championship in 2010.
The breakaway group which makes up Fota consists of Ferrari, Lewis Hamilton's McLaren, Renault, Toyota, BMW Sauber, Jenson Button's Brawn GP, Red Bull Racing and Toro Rosso.
If such a move was to happen it would throw marketing and media plans into chaos. The BBC is only into the first year of a £250m deal to broadcast F1 until 2013. However a championship without the likes of Ferrari, McClaren Mercedes and current championship leader Brawn GP would not be worth anywhere near that figure.
The only teams to have committed unconditionally to the new F1 rules are Williams, Force India and new entrants Campos, US F1 and Manor.
Williams is undoubtedly the biggest name out of these but it has yet to find a sponsor following Royal Bank of Scotland's decision to end its sponsorship of the team next year.
An indication of the difficulties of finding the necessary funding to compete in the sport is provided by Brawn. Despite running away with the championship the team has yet to sign a main sponsor.
Fota's action has once again raised the argument of whether F1's value is created by the teams or the competition itself. In a statement, Fota made clear it felt the latter was the case: "The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series."
FIA expressed "disappointment" over Fota's action but said the deadline for unconditional entries to the championship expired today and that it will be announcing the 2010 F1 line-up on June 20.
Fota's action could also result in legal action for some of the breakaway teams. FIA said Ferrari, Toro Rosso and Red Bull Racing have contracts binding them to the F1.
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