GPWC Championship Still on Track

Leading Formula One manufacturers today said they plan to continue with proposals to set up a rival series in 2008 despite holding "constructive" talks over buying into the sport.

The Grand Prix World Championship company - made up of Ferrari, Ford, BMW, DaimlerChrysler and Renault - have threatened to set up a new series unless they get a say in how Formula One is run.

The GPWC have held discussions with Bernie Ecclestone and German banks who hold the stake in SLEC, the company which holds the commercial rights to Formula One, and are hopeful of reaching an agreement.

But they are also continuing with plans for the rival series if talks do not come to a positive solution.

GPWC director Richard Parry-Jones, said: "It is our intention to find a solution that benefits all parties. Therefore, GPWC is willing to continue the discussions in 2003.

"If we do not come to an agreement at the end of this year, we will focus all efforts on setting up the new series. Experience has shown that if an agreement is not reached within a certain timeframe, it is better to focus on the alternative."

The GPWC said that the next step of their discussions over buying a stake in Formula One will be the official reaction from SLEC shareholders.