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Last Updated: Sunday, 14 May 2006, 11:00 GMT 12:00 UK
Rebel carmakers settle F1 dispute
F1 supremo Bernie Ecclestone
The rebel teams are ready to sign a new deal with Ecclestone.
The dispute that threatened to split Formula One into rival camps from 2008 has been resolved.

Renault, Toyota, Honda, Mercedes and BMW contemplated forming a rival series because they wanted more money and a greater say in the sport's running.

But they have agreed a new deal with F1 supremo Bernie Ecclestone after resolving their differences.

"We are now at a point where we are prepared to sign a document," said McLaren boss Ron Dennis on Sunday.

Ferrari, Williams, Red Bull, Scuderia Toro Rosso, Midland and Super Aguri had already agreed to the terms.

But the rebel manufacturers, championed by the Grand Prix Manufacturers Association, were holding out.

"This will constitute now the biggest single commercial resolution and will allow us to move forward to focus on the future of F1," added Dennis.

The news confirms the shape of the Formula One grid post 2007, when the ruling Concorde Agreement expires.

All 11 teams will remain in the sport, to be joined by the Prodrive company run by David Richards.

The GPMA's deal also signalled Renault confirming their commitment to Formula One up to and including the 2012 season.

Renault F1 president Alain Dassas said: "Having entered the 2008 championship last month, this is the next logical step to guarantee the commercial stability and competitiveness of our team.

"We have worked hard with our fellow manufacturers to reach an agreement that satisfies our desire to see a balanced distribution of the income generated by our sport.

"We will now pursue our constructive dialogue with the FIA and the other teams to achieve our shared objectives of an improved sporting show and reduced costs.

"These factors will form the basis for Renault's long-term investment in Formula One."




SEE ALSO
Briatore confident over F1 deal
21 Apr 06 |  Formula One
Renault hedge bets over F1 future
20 Apr 06 |  Formula One
F1 rebels sign up for 2008 series
27 Mar 06 |  Formula One
F1 rebels advance breakaway plans
28 Sep 05 |  Formula One
Stoddart predicts F1 will split
08 Oct 05 |  Formula One


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