Dennis optimistic of GPMA-Ecclestone deal

Representatives of the Grand Prix Manufacturers' Association met with Ecclestone in Bahrain on Saturday evening to try and work towards a pre-agreement that would head off the threat of a breakaway series.

But despite some optimism before the meeting that a deal would be struck, the lengthy talks eventually ended without agreement being reached.

Although this appears to be a setback in the moves to secure the future of F1, Dennis said on Sunday morning that he was confident the matter could still be sorted out later this month.

The GPMA and Ecclestone cannot decide anything until March 21, anyway, because that is when a buy-out of Formula One shares by investment company CVC Capital Partners is due to be given the green light by the EU.

"I think everyone went into the meeting hoping we would be able there or quickly after execute the MOU that is being worked on, which defines the primary points that we wish to contain in a legal document," said Dennis.

"It didn't go quite as smoothly as we would have liked but I think we made progress. And, if there is a, 'what is the timescale question?' on our side we would like to get on with it, but CVC needs the sign-off of the EU, which is due to happen later this month. I think then everybody will be on the same timing, getting it done as soon as possible.

"But from the manufacturers' perspective we are fully engaged and want to find a way forward as quickly as possible, as long as it is with the balanced perspective that we are trying to bring to the MOU."