Ferrari chairman sets deadline for F1

According to a report in today's Financial Times, di Montezemolo says that F1's carmakers will commit to the rival GPWC in 2008 unless agreement is reached before January 1, 2004.

"We [the manufacturers] would like a solution with Mr Ecclestone and the banks. If not, it will be bad, but it won't be a tragedy. While Bernie Ecclestone was the owner, everyone accepted most of the arrangements...But these things have changed. The carmakers have a bigger presence, and the cost of racing becomes bigger and bigger.

"In no other sport are the teams deprived of the three main revenue streams - trackside advertising and ticket sales - while having to share just 47 percent of the gross income from TV rights. The simple truth is that without the carmakers they cannot make a championship."

Di Montezemolo also attacked the three banks - Bayerische Landesbank, Lehman Brothers and JP Morgan - as they "know nothing about F1". He added: "How can we accept that?"