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.
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.
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