Rediff India Abroad
 Rediff India Abroad Home  |  All the sections


The Web

India Abroad

Sign up today!

Article Tools
Email this article
Top emailed links
Print this article
Contact the editors
Discuss this article
Home > Sports > Formula One > Reuters > Report

Formula One may get rival in 2008

October 26, 2004 18:05 IST

GPWC Holdings, which groups the major Formula One carmakers, has appointed consultants to prepare the ground for the introduction of a rival grand prix series in 2008.

GPWC said on Tuesday that International Sports and Entertainment AG would "start building immediately the operational and commercial structure for a new open-wheel motor racing series, to begin no later than 2008".

GPWC groups BMW, Mercedes, Ferrari and Renault. The carmakers are unhappy with the current division of Formula One's commercial rights, held by the SLEC holding company set up by the sport's supremo Bernie Ecclestone and controlled by banks.

Teams are bound by the existing "Concorde Agreement" until the end of 2007. The carmakers have been demanding a far greater share of revenues before that date.

"We have been more than patient with the current management and governance of Formula One, but recent developments have underlined the need for a structure that guarantees a stable and prosperous future of the sport," said GPWC chairman Juergen Hubbert in a statement.

Ford announced in mid-September it was pulling its Jaguar team and Cosworth engine maker out of Formula One at the end of the season because it could not make a compelling business case to continue.

The 2004 season finished in Brazil at the weekend.

© Copyright 2005 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Formula One: The Complete Coverage

Share your comments


Copyright 2006 India Limited. All Rights Reserved.