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Last Updated: Wednesday, 16 February, 2005, 19:53 GMT
Rival series issues team pledge
Ferrari have broken ranks with the other GPWC members, including Mercedes
Car manufacturers planning a breakaway series say Formula One teams will join their championship on equal terms.

BMW, DaimlerChrysler, Renault, Honda and Toyota revealed their proposals for a Grand Prix World Championship (GPWC) at a meeting with nine F1 teams.

They have promised a more equal share of the money distributed to teams than is currently in place.

The GPWC also offered the possibility of affordable and competitive engines to those teams that signed up.

Money is currently distributed to teams within Formula One according to status and results, with Ferrari receiving more cash than their rivals.

The other teams are seeking a more equal share of the pot .

Ferrari was the only team that did not attend the meeting.

A GPWC statement said all parties had fully endorsed governing principles published last month by the manufacturers.

It added that the privately-run Red Bull, Jordan and Sauber teams had 'warmly welcomed' the initiative but reserved their formal response until they had consulted with team owners.

"The teams and manufacturers unanimously agreed upon the establishment of a new framework for their participation in grand prix motor racing post-2007," said the statement.

The current Concorde Agreement governing F1's commercial side comes to an end in 2007, and the GPWC is hoping to establish a new series in 2008.

But Max Mosley, the president of governing body FIA, said last week the cash needed to match Ecclestone's offer makes a new series economically impossible.

World champions Ferrari have agreed to stay with the status quo - under supremo Bernie Ecclestone and the FIA - until 2012.

Under the current situation, banks Bayerische Landesbank, JP Morgan and Lehman Brothers control 75% of the SLEC holding company that holds F1's commercial rights, while the rest is owned by Ecclestone's Bambino Holdings family trust.




SEE ALSO
Breakaway F1 idea 'not credible'
16 Feb 05 |  Formula One


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