FIA President Max Mosley told his teams,  “If you want to draw up your own rules, then you can organise your own championship. ”

So that’s what they apparently did.

If you haven’t heard, the majority of Formula 1’s top teams are going to take their cars and go home, or at least, take their cars and start their own series.

It’s a move that could shake racing’s foundation, and have far-reaching implications here in the U.S.

Mosley wanted to introduce a $60 million budget cap on teams. The teams that refused to agree to that rule, would have extra technical restrictions put on them.

The teams, who are used to throwing as much money as they want at the championship, naturally balked.

So as of now, McLaren, Renault, Toyota, BMW Sauber, Red Bull Racing and Scuderia Toro Rosso are heading off to their own series, leaving Williams, Force India and several newcomers to contest the “F1 World Championship”.

If you’re a racing fan, especially an IndyCar fan, you know how splits work.

This apparent F1 split is much more similar to the 1978-79 USAC-CART split, than the 1994-1995 CART-IRL split.

It could have MAJOR implications on Indianapolis and IndyCar racing.

For example, you’d have to think that the breakaway FOTA series would be very interested in North American venues, such as the Indianapolis Motor Speedway.

Could Ferraris and McLarens be back at IMS as early as next year?

In addition, just as the CART-IRL split opened up additional jobs, this F1-FOTA split would of course do the same, perhaps doubling the number of  seats.

Would one of the new “F1″ teams be interested in a current IndyCar driver? It’s certainly possible, especially one with F1 experience, such as Robert Doornbos.

This story, which has dominated the F1 season so far, is just getting started.