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Last Updated: Wednesday, 26 January, 2005, 23:35 GMT
Rival series wins vital backing
Honda and Toyota agree with the principles of the three manufacturers planning a rival series to Formula One.
The three manufacturers planning a rival series to Formula One have announced that they have received the backing of Honda and Toyota.

BMW, DaimlerChrysler and Renault issued a joint statement with Honda and Toyota on Wednesday setting out their vision for the sport's future.

The move is a boost for the Grand Prix World Championship (GPWC).

Its demise was widely proclaimed after Fiat-owned Ferrari announced they had agreed to remain in F1 until 2012.

The GPWC, led by former Mercedes board member Juergen Hubbert, has already said that it will meet the teams next month to outline its own blueprint for the future.

Wednesday's statement said all five carmakers met to discuss their views about the future after the expiry of the existing 'Concorde Agreement' in 2007 which governs the sport's commercial matters.

"All participants have unanimously agreed upon a comprehensive set of governing principles which they believe represent an appropriate framework for the sport," it said.

The statement listed five main objectives:

  • To keep Grand Prix motor racing at the pinnacle of motorsport;
  • To provide the basis of a long-term plan for the prosperity of Grand Prix motor racing and its stakeholders;
  • To support and encourage the participation of independent teams through technical assistance and engine supply;
  • To attract and excite and provide good value to fans;
  • To be open, transparent and fair in commercial, technical and sporting governance.

    Renault and Toyota both own teams while Honda have 45% of BAR and Mercedes have a stake in McLaren.

    BMW are engine partners to Williams and Toyota are also supplying Jordan with engines this year.

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