Faure: Talks Over F1 Future Coming to a Head

Talks between carmakers, banks and Formula One supremo Bernie Ecclestone over the sport's commercial future are coming to a head, Renault's Patrick Faure said today.

"I think we are probably in the last stage of our discussions or negotiations, use which word you like," he told a news conference at the Monaco Grand Prix. "I really think that in three months either we will have an agreement or we will have the end of negotiations."

The carmakers have formed their own GPWC company to run their own championship from the end of 2007 if no agreement can be reached with the banks that currently control the sport's commercial rights.

Ecclestone's family trust holds 25 percent of the rights holding company SLEC after selling the remainder to Germany's Kirch media group. Those shares are now held by the banks after Kirch's collapse.

The manufacturers, Renault, BMW, Mercedes' parent DaimlerChrysler, Ferrari and Ford, want a far greater share in Formula One's revenues. Teams are bound by an existing Concorde Agreement which expires in 2007.

"I personally do hope that everybody is going to be responsible at finding a good solution for making sure that the future of Formula One is there for 10 or 15 more years now," said Faure.

"That is what I hope but you never know what happens. The only thing I can say is that I think at least two of the parties involved are really willing now to find a good solution for the future.

"So it depends probably on the third one to know if we can arrive at a good solution, the third one being the banks obviously."