Ecclestone Warns of Dangers of Breakaway Series

Formula One supremo Bernie Ecclestone has warned that sponsorship in Formula One could be in jeopardy as a result of the creation of a new company to run a rival championship in the future.

The European Carmakers' Association, ACEA, last week announced that FIAT boss Paolo Cantarella will head GPWC Holding B.V, the joint company that will run the new series should the talks between Formula One right holders Kirch and the carmakers fail.

Kirch Group control 75 percent of Formula One holding company SLEC, who have secured the commercial rights to the sport for 100 years. Kirch is involved in pay-per-view television and the European carmakers want to keep Formula One on free to air television, also having more control of the revenues.

Ecclestone has warned that the uncertainty about the future of Formula One could drive sponsors away.

"The sponsors are not happy, they want to reconsider," Ecclestone told The Sunday-Times newspaper. "I have told them to wait and see what happens. They became involved because they liked the stability of F1 and knew that things were done properly. Once these companies leave it is hard to get them back"

Ecclestone, who still owns 25 per cent of SLEC, also said that Cantarella has not passed on the details of an offer from Kirch to the rest of the manufacturers involved in Formula One - DaimlerChrysler, Ford, Renault and BMW.

"I don't think Cantarella passed on the details," he added. "What they don't realise is that the 50% the teams get from us would be more than the 100% they would get if they did their own thing. It has taken them two years to agree to make a company that has nothing in it and they have made a lot of incorrect assumptions.

"People don't want to win an athletics meeting...they want to win the Olympics."