GPMA sees deadline looming

The Grand Prix Manufacturers' Association are threatening to create their own championship unless they reach a satisfactory agreement with Formula One's owners. The members of the GPMA are BMW, Mercedes, Toyota, Renault and Honda.

Faure said it is likely that the end of 2005 will be the point of no return.

"I think it is true that the end of this year is probably a turning point," said Faure. "We cannot wait much more for the new championship, because we need to sign circuits to organise ourselves.

"So we have seen each other this week and we are starting to launch a few things, but the next coming weeks are really going to be important for us now."

Formula One's ownership, however, will change after Bernie Ecclestone and German bank BayernLB, agreed last week to sell their stakes to CVC. The deal is still subject to approval from the FIA and the European Commission.

But the new ownership will not change the GPMA's approach, according to Faure.

"Nothing changes. In fact, I think Bernie has sold three times already F1 in three years so I do not understand how he can sell every fortnight what he has already sold so many times," Faure added.

"It is a question of how the money is going to be split between the organisers of F1, whoever has bought Bernie's shares, and the teams. At the moment there is absolutely no change in our position, we are still negotiating in very good faith, but very firmly, to have a bigger part of the cake.

"In Hollywood actors don't pay to be in a film and at the moment we are paying. So that is where we are. We want fairer distribution. We are still negotiating, and are in the final stages, but if they don't come off then we will do what we said."