Exposure: GPT was Already Founded in 2000

The company Grand Prix Teams (GPT), which consists of Williams, McLaren, Jordan, British American Racing (BAR) and Arrows, was already set up in 2000, but was kept a secret until today.

Neil Johnson, head of GPT Ltd, told Reuters that events in Austria, where Ferrari's Rubens Barrichello slowed at the finish to allow teammate Michael Schumacher to win, had played a part in GPT's decision to make themselves known.

The episode in Austria caused outrage and embarrassment though Ferrari, who face a FIA hearing in June, have defended the move as a legitimate tactic.

"The timing is really driven by events," said Johnson, a former vice-president of the International Automobile Federation (FIA). "We have been in shape to talk about GPT for some time.

"The denouement of last Sunday really threw into sharp focus some of the issues surrounding the image of Formula One and all of us are deeply concerned about the diminution of that image as it drips away.

"Transparency is on everyone's lips and now is the time to come out of the woodwork, so to speak. We are utterly serious and utterly credible."

"The key word is transparency."

Spotlight Sines

The Times newspaper shone the spotlight on GPT's existence on its back page on Friday, with a headline announcing that "Leading British teams plan to take control of Formula One."

None of the teams were prepared to comment on the report but one well placed source told Reuters that GPT had functioned more as an "information exchange" between team bosses and was not a vehicle to secure power. "There are no ambitions of power," the source said.

Johnson said GPT would have an important role to play in negotiations about the sport's future and expected to join forces with the sport's major carmakers. "It would be crazy to try to do anything other than that," he said. "In general we are trying to achieve the same end."

The carmakers have already set up their own company, GPWC, to run their own championship from 2008 if they cannot reach a deal with the banks who control German media group Kirch's 75 percent of Formula One holding SLEC.

An agreement between the teams, the FIA and SLEC - who control the commercial rights to Formula One for 100 years - expires at the end of 2007.

The teams currently have little say in Formula One's commercial decisions and want a greater share of the revenues.

Asked whether GPT had the resources to buy their own stake in Formula One, Johnson replied: "I suppose the answer is that there is always money for the right business opportunities.

"Given the right transparency, which is crucial, there is an excellent business here. At the moment the facts sort of speak for themselves and that is not a joy to anyone.

"But we are all convinced that beneath all the apparent chaos, there is a fine business and a real world class sport to be promoted."