No MINI doesn’t race in F1, but their parent company BMW does. And there will be no bigger news in the world of BMW Motorsport over the next 6 months than the bombshell that just dropped this evening in the UK. In a dramatic turn of events Formula 1 manufacturers (including Ferrari) voted this evening to leave F1 and set upp a new championship for 2010. After months of negotiations with Max Mosley and the FIA it appears that F1 as we’ve all known it is over. Here’s the official release from BMW Motorports:

>”The teams cannot continue to compromise on the fundamental values of the sport and have declined to alter their original conditional entries to the 2010 World Championship,” said a statement issued by FOTA after the meeting.

>”These teams therefore have no alternative other than to commence the preparation for a new Championship which reflects the values of its participants and partners. This series will have transparent governance, one set of regulations, encourage more entrants and listen to the wishes of the fans, including offering lower prices for spectators worldwide, partners and other important stakeholders.

>”The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series.”