Has F1 spent itself into oblivion?

I'm hearing a lot of things from across the pond about the Formula 1 series, and the sounds coming from the world's Top motor sports series is not good. Like every sport, F1 is facing trouble from the global economic meltdown that's been affecting more countries than the H1N1 flu virus. But this season, which was supposed to be one of the most exciting ones in the tours recent history, has, according to one report, "a farce."

So far this season, the Brawn GP team, which was formed out of the ashes of the Honda team that disbanded after the 2008 season, has become a virtual juggernaut, winning four of the five races held so far, the only race not won by the Brawn team was Sebastian Vittel's win at the rain-plagued Chinese Grand Prix. But aside from the seemingly improbable domination by the Brawn team, other incidents have plagued the series.

At the opening race in Australia, McLaren driver Lewis Hamilton, one of the few drivers I follow in the F1, was penalized for lying about an order from his bosses to allow driver Jarno Trulli to pass him while the safety car was out and take third. Then the Brawn teams' diffuser was challenged by the other teams as being an unfair advantage. (See this story from the BBC for more background on the appeal and the controversy over the diffuser.)

But the biggest problem facing the Series right now are the rules that were announced on St. Patrick's Day regarding budgets for race teams that are expected to be implemented in 2010. The rules, which the website pitpass.com covers here, essentially makes the series a two-tier, have or have-not racing series, where the teams can either spend, spend, spend to their hearts content, or if they opt to the 30 million dollar budget cap, getting certain technical allowances with the cars.

Suffice it to say, the teams have gone ballistic. Already, the Ferrari team has announced that unless the budget cap is either eliminated or redone to a more manageable number, They're pulling out of Formula 1. Now think about this. Ferrari, which has been the longest running race constructor in the series, is willing to walk away because they think the budget caps are unfair. Plus they know that their fans will not stick around if they're gone.

But they're not alone in this threat. The Renault team, a long time manufacturer in the series, is also re-considering participating in the 2010 season as well. The teams are not the only ones upset over the rule changes for the coming season. Driver Kimmi Raikonnen, who won the series championship in 2007, says he's not happy with the changes proposed and might go elsewhere if they get implemented. This could be a potentially fatal move for the Series. However, one of the teams that would normally have an opinion, or at least make their opinion known, so far have kept notoriously silent over this, that's McLaren.

The last time the series was threatened, according to an editorial by pitpass.com's Editor Chris Balfe, Formula one pulled out all the stops to make Ferrari's threats go away. This time, however, Balfe puts the blame right on th shoulders of FIA president Max Mosley. Personally speaking, I think he's right.