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After failed talks constructors carry out threat of rival championship
Dusseldorf, Apr 29: Five top constructors have already started preparing a rival championship less than a week after pulling out of talks with Formula One ringmaster Bernie Ecclestone, it was reported here yesterday.
Dusseldorf, Apr 29: Five top constructors have already started preparing a rival championship less than a week after pulling out of talks with Formula One ringmaster
Bernie Ecclestone, it was reported here yesterday.
"The first steps have been taken (to create a rival series)," German daily Wirtschaftswoche declared, citing sources close to the breakaway GPWC Group made up of Ford, Renault, Ferrari, BMW and Daimlerchrysler.
The GPWC had been holding discussions with SLEC, the holding company which owns Formula One, in a bid to gain more revenue from their participation.
But after the collapse of those talks at Imola the group now appears intent on carrying out its threat to go it alone in 2008, when the current concorde agreement that governs Formula One expires.
The report suggests the five constructors put themselves on a war-footing with Ecclestone when they met over dinner on Tuesday.
After the breakdown of negotiations in Italy GWPC issued a statement blaming SLEC shareholders' failure to comply with key points of a memorandum of understanding (MoU).
Jurgen Hubbert, chairman of the GPWC, said at the time: "When we realised that our commitment to implement the MoU was not met by the other parties, we have to make a decision in the best interests of the sport and end negotiations."
Bureau Report
"The first steps have been taken (to create a rival series)," German daily Wirtschaftswoche declared, citing sources close to the breakaway GPWC Group made up of Ford, Renault, Ferrari, BMW and Daimlerchrysler.
The GPWC had been holding discussions with SLEC, the holding company which owns Formula One, in a bid to gain more revenue from their participation.
But after the collapse of those talks at Imola the group now appears intent on carrying out its threat to go it alone in 2008, when the current concorde agreement that governs Formula One expires.
The report suggests the five constructors put themselves on a war-footing with Ecclestone when they met over dinner on Tuesday.
After the breakdown of negotiations in Italy GWPC issued a statement blaming SLEC shareholders' failure to comply with key points of a memorandum of understanding (MoU).
Jurgen Hubbert, chairman of the GPWC, said at the time: "When we realised that our commitment to implement the MoU was not met by the other parties, we have to make a decision in the best interests of the sport and end negotiations."
Bureau Report