A number of F1 Teams and car companies are getting tired of the out of control costs and rules associated with F1. Now they are doing something about it:
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The GPWC is pushing ahead with its plans for a breakaway series and could start signing contracts as early as next month.
The band of rebel carmakers – consisting of BMW, Mercedes, Fiat and Renault – hope to set up a new racing series in 2008.
They have been deep in negotiations with track owners, sponsors and broadcasters.
A source close to GPWC Holdings told The Independent: "We are close to signing. This will set in motion the plans to set up the alternative series by 2008 at the latest."
The GPWC are pressing on with the plans despite the fact that last week’s landmark court verdict could weaken Bernie Ecclestone’s grip on the sport.
It is expected that, having won a bigger say in the running of the sport, F1’s shareholder banks will attempt to cut a deal with the GPWC.
If the breakaway championship goes ahead, it would render the banks’ holding in F1 almost worthless.
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The GPWC is pushing ahead with its plans for a breakaway series and could start signing contracts as early as next month.
The band of rebel carmakers – consisting of BMW, Mercedes, Fiat and Renault – hope to set up a new racing series in 2008.
They have been deep in negotiations with track owners, sponsors and broadcasters.
A source close to GPWC Holdings told The Independent: "We are close to signing. This will set in motion the plans to set up the alternative series by 2008 at the latest."
The GPWC are pressing on with the plans despite the fact that last week’s landmark court verdict could weaken Bernie Ecclestone’s grip on the sport.
It is expected that, having won a bigger say in the running of the sport, F1’s shareholder banks will attempt to cut a deal with the GPWC.
If the breakaway championship goes ahead, it would render the banks’ holding in F1 almost worthless.
![[:p]](/images/smilies/tongue.png "Stick Out Tongue [:p]")
