Ecclestone Offers Teams More Money

Formula One supremo Bernie Ecclestone has offered the teams to double their income if they commit to a new Concorde Agreement after the current one expires in 2007, according to reports in the British press.

The move comes after a High Court judge ruled against Ecclestone in a legal dispute with three banks that could weaken his hold on the sport.

The judgment was immediately hailed by Formula One carmakers planning their own series from 2008 as a key decision for the future of the sport, despite Ecclestone playing down its importance saying nothing would change.

"Today's judgment seems indeed to be a turning point in the future of Formula One," said the carmakers' Grand Prix World Championship (GPWC) in a statement. "GPWC supports any development that benefits the sport's long-term stability and will follow upcoming events with interest."

The case was closely followed by the GPWC, with a victory for the banks seen as likely to hasten a deal to avert the threat of a rival series to the Formula One World Championship.

The GPWC, who recently appointed sports marketing consultants to press on with their plans, want to get a bigger share of the sport's profits.

However, according to reports in the British press, Ecclestone on Monday offered the teams a $500 million shareout over the next three years, aimed at heading off the GPWC threat.

The figure would more than double the team's current income.