Formula One teams led by Ferrari and other major manufacturers have called the bluff of FIA President Max (hurts so good) Mosley and announced that they will run a breakaway series beginning next year.

At a meeting held at the Renault F1 factory in Oxfordshire the teams refused to back down on their demands for changes to next years regulations.

Ferrari, McLaren, Renault, Toyota, BMW Sauber, Brawn GP, Red Bull Racing and Toro Rosso have therefore declined to enter the FIA Formula One Championship for 2010.

The announcement, on the eve of what looks set to be the final British GP at Silverstone, seriously ups the ante in the multi-billion dollar stare-down between the teams and the FIA.

In a statement issued by FOTA, the teams said that there was no room for further compromise.

“It has become clear that the stables cannot continue to make compromises on the fundamental values of the sport,” they said.

“The teams have no other alternative but to begin to prepare for a new championship which reflects the values of the competitors and their sponsors.

According to the statemant the new series will have a transparent governing body, one single set of rules, encourage new entrants, and would better listen to the fans’ wishes.

Just what role, if any, Bernie Ecclestone may play in this is not yet clear. Despite the posturing of both the teams and the FIA, the real power broker is still Bernie.

It is he who controls the sports commercial rights and the valuable TV deals that provide so much of the sport’s income.

Publicly at least, Ecclestone has shown qualified solidarity with his old mate Max, but Bernie is Bernie and friendship will count for nothing if there’s a quid involved.

And with literally millions of quids involved expect Bernie to jump wherever it’s best for Bernie.