GPWC reiterates end of year deadline

The teams and manufacturers are both keen to see a more equitable distribution of F1's revenues when the existing Concorde Agreement (the document governing F1) expires in 2007.

The GPWC has made it clear that it will not accept a solution that is at the expense of the long-term best interests of the teams and the sport. Parry-Jones said: "It is our intention to find a solution that benefits all parties. Therefore, GPWC is willing to continue the discussions in 2003. If we do not come to an agreement at the end of this year, we will focus all efforts on setting up the New Series.

"Experience has shown that if an agreement is not reached within a certain timeframe, it is better to focus on the alternative."

The F1 teams have this week been updated on the status of plans to establish a new series. They were also updated on the status of negotiations with the SLEC shareholders to explore the possibility of an agreement, which would achieve GPWC's objectives earlier and also end uncertainty about the future of the sport.

Since signing a memorandum of understanding on April 10, the GPWC and the teams have been working together to complete an 'Organisation Agreement' as the future foundation for the sport, either through the new series or through an agreement with the current F1 owners.

The agreement will ensure the supply of affordable competitive engines to independent teams, ready for implementation following a successful solution with SLEC shareholders.

GPWC claims that the discussions with SLEC shareholders have been
'constructive' and the next step will be the official reaction from SLEC shareholders to the GPWC's latest proposal.