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Last Updated: Monday, 3 January, 2005, 13:37 GMT
F1 teams to discuss rival series
Juan Pablo Montoya in action in the McLaren
McLaren are among the teams fighting for more of F1's profits
Formula One team bosses have been invited to a meeting before the start of the season on 6 March to hear about plans for a rival world championship.

The Grand Prix World Championship company is threatening to launch a new series in 2008 unless teams are given a greater share of the profits from F1.

"We're progressing into the key areas the new series needs to have in place to start on time," a spokesman said.

"We'll present them to team principals for their input and approval."

Representatives of key circuits - including Hockenheim, the Nurburgring, Magny-Cours and Monza - have either met GPWC representatives or are in discussions.

Carmakers Fiat (Ferrari), DaimlerChrysler (Mercedes), BMW and Renault control GPWC, which was set up to fight for their rights.

Renault and Ferrari run their own teams while Mercedes owns part of McLaren and BMW is in partnership with Williams.

Honda and Toyota are the other major manufacturers involved in the 10-team championship.

Ferrari president Luca di Montezemolo warned last month that the teams were seeking up to 80% of the sport's profits from F1 supremo Bernie Ecclestone.

"From 2008 there will be only one Formula One world championship and the decision on this will fall in 2005," he said.

The GPWC spokesman said the planned rival series would channel all profits to the teams.

Ecclestone is under additional pressure to relax his grip on F1 following a court ruling last month which found in favour of three shareholder banks in a boardroom dispute.

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