Bridgestone Look into Tyre Problems

The arrival of Honda and Toyota into the manufacturers' fold has led to the dissolution of the old Grand Prix World Championship (GPWC) company and the creation of a new one, even though no name for it has been officially confirmed.

Agreement for this new company was reached at a meeting at the Spanish Grand Prix on Sunday between BMW, DaimlerChrysler, Honda, Renault and Toyota, where future engine rules were also discussed.

And in a move designed to cause the least amount of disruption for any team or manufacturers considering ditching F1 in favour of the breakaway series after 2007, the carmakers have announced that the new series will start out with 2.4-litre V8 engines.

A statement issued by the manufacturers said: "The manufacturers also discussed engine regulations and agreed to propose to use 2.4 L V8 engines until the end of 2008 in order to ensure stability for engines for three years.

"Beyond 2008, the manufacturers will jointly develop a new engine proposal for the sport. The manufacturers look forward to meeting with the FIA in the near future to discuss this and other matters concerning regulations post 2007 and will continue to work in conjunction with the nine teams."

The suggestion that the manufacturers will meet with the FIA comes after a deliberate boycott of recent meetings with the governing body aimed at discussing future regulations. Only Ferrari and independent teams Jordan and Red Bull Racing attended the most recent meeting.

The manufacturers also used the release to voice their reaction to BAR's two-race ban for illegally running fuel as ballast  and dropped a major hint that they were not happy with the legitimacy of the FIA's independent Court of Appeal.

The statement said: "Following the events of the past week in Formula One, the manufacturers again confirmed that the issue of sporting governance is central to the comprehensive set of governing principles which the manufacturers unanimously agreed in January 2005.

"One of their objectives is to have a definitive interpretation of the applicable regulations through an independent, readily accessible and swift appeals process, administered by an internationally recognised body, in accordance with the practice of other major sports."

The FIA have long insisted that their Court of Appeal is completely independent of the governing body.