British teams in F1 takeover plan

GPT Ltd has been created in the hope of giving the teams a greater say in the running of the sport as well as a bigger share of its profits. This could be achieved by purchasing the 75 percent share of F1's commercial rights owned by the bankrupt Kirch media group. These rights have also attracted the attention of the major car manufacturers involved in F1, who have threatened to set up a rival series in 2007.

To help achieve its goal, GPT has appointed Neil Johnson, a former FIA vice-president and ex-director at Jaguar and Rover, to head up the operation.

"We have had this downward spiral in the reputation of Formula 1," Johnson told The Times. "There has been a concern that Formula 1 has not been managed well and things are out of control - even on the track things have been getting repetitive and boring - and that has reached such a pitch that everybody realises something has to change. Last Sunday might have been the seminal moment. We have to find a way of putting Formula 1 back where it used to be.

"There is too much secrecy. There was a time when that was probably quite beguiling, but it is not business reality. Everybody around this place, including Bernie, keeps saying that we need this business run by businessmen, but serious businessmen won't come near anything shrouded in the mists of closed deals that Formula 1 currently is.

"Bernie has done a fantastic job, but that isn't the point any more. We have an asset called Formula 1, the value of which is - in the pessimistic view - degenerating by the race at the moment."

Johnson hopes to persuade the manufactures behind the proposed breakaway series, and the remaining six teams, to unite with GPT. With Kirch's bankers seeking to sell off its assets and reduce debts the F1 rights are effectively up for sale so a deal could be in place fairly soon.