Manufacturers planning a breakaway formula-one world championship claimed on Wednesday that their series will be fairer and more cost-effective than the established competition.
BMW, DaimlerChrysler, Honda, Renault and Toyota, who make up the Grand Prix World Championship (GPWC), met nine of the formula-one teams in London to outline their proposals, although world champions Ferrari — who have already committed to formula-one commercial rights holder Bernie Ecclestone — were absent.
Private teams Jordan, Sauber and Red Bull agreed to go away to consider their position after the meeting agreed a fairer distribution of the huge funds that the sport generates.
The tricky issue of engine suppliers was also tackled, with the manufacturers pledging to supply affordable engines.
”The [nine] teams and manufacturers met at Cliveden near London and unanimously agreed upon the establishment of a new framework for their participation in grand prix motor racing after 2007,” said a joint statement.
”With respect to technical rules and regulations, all parties confirm and fully endorse the governing principles for grand prix motor racing previously developed by the major manufacturers.
”All parties further agree that all teams are invited to join on equal terms.
”The manufacturers agreed that when the series is established, then they will guarantee from 2006 the supply of competitive engines at an affordable price to a second team which commits to such series.”
Last week, Ecclestone offered a new deal that would pay the teams 50% of formula one’s $800-million annual income; it is understood that GPWC plans to make 75% or 80% available.
Ferrari have already signed with Ecclestone, who has been urging the other nine team chiefs to fall in line.
International Automobile Federation (FIA) president Max Mosley said last week the cash needed to match Ecclestone’s offer makes a new series economically impossible.
The current commercial agreement governing the sport ends in 2007, with the GPWC hoping to establish a new series in 2008. — Sapa-AFP