Double World Champion Fernando Alonso has claimed that 'Formula 1 is finished' following the announcement that FOTA is to push ahead with its own series to rival F1.

Having failed to reach a compromise with the FIA over the ongoing budget cap dispute, the Formula One Teams Association announced late on Thursday night that it would launch its own series - with Ferrari, McLaren, Renault, BMW Sauber, Brawn GP, Red Bull Racing, Toyota and Toro Rosso all set to walk away from the F1 paddock.

As things stand, only Williams and Force India would remain of the current F1 teams unless a compromise can be reached during talks over the course of the day at Silverstone on the first day of running for the British Grand Prix.

The FIA has already confirmed that it will reveal the 2010 entry list tomorrow [Saturday] and Alonso insisted that a breakaway would be the end of the road for F1.

"The new series will be very attractive, with the biggest teams and best drivers," he told the BBC, "so everything stays the same - just maybe not the name.

"Formula 1 is finished. It will be a standard engine, small teams and no drivers - this is not the Formula 1 people want.

"The new series will be the new Formula One."

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