GPWC announces promoter

On Tuesday the GPWC announced that a newly formed company, iSe (International Sports and Entertainment) has been set up as a joint venture between two leading marketing companies to establish and promote the rival series, which is set to begin in 2008 if the GPWC's demands for a greater share of F1's commercial income are not met.

A statement from the GPWC announced that iSe would "start building immediately the operational and commercial structure for a new open-wheel motor racing series, to begin no later than 2008".

The threat is not a new one, the manufacturer-backed GPWC has long said that if a new commercial agreement providing for a fairer share of F1's revenues and greater transparency is not forthcoming, it will organise its own series to coincide with the end of the Concorde Agreement, the document that governs the sport, at the end of 2007.

"We have been more than patient with the current management and governance of Formula 1, but recent developments have underlined the need for a structure that guarantees a stable and prosperous future of the sport," said Jurgen Hubbert, chairman of the GPWC. "GPWC is very satisfied to have secured the services of iSE. Its strong shareholder base and wide-ranging management experience with global sports events such as the FIFA World Cup and the Olympic Games makes iSe our clear partner of choice."

George Taylor, president and CEO of iSe, added: "iSe is excited to be involved with such a unique and prestigious challenge, and ready to build a sport that will truly exceed the expectations of fans, participants and business partners. The dedication of our shareholders and partners as well as the professional background of our team will ensure that the New Series will reach benchmark status in every area."

The statement from the GPWC also confirmed that following its withdrawal for F1 at the end of the season, Ford, who owns the Jaguar Racing team, has passed on its shareholding in the GWPC to the remaining shareholders.