GPWC discusses future with F1 teams

GPWC directors made a presentation, with documentation following on, that detailed proposed organisational agreements and an economic model.

The stated aims are: to ensure the long-term stability of the sport; to significantly improve the economic benefits for all teams; to reach the broadest possible global audience, in particular through free TV; and to operate on a fully transparent basis.

GPWC claims that the proposal transforms the financial implications for the teams, which currently receive a slice of just the television and computer game revenue. GPWC pledges to add race promotion, trackside advertising, hospitality and merchandising revenue to the pie.

"I listened with interest," said Frank Williams. "There are a lot of questions still to be asked and resolved but there is plenty of time to do this."

McLaren boss Ron Dennis emphasised that nobody intends to breach the current Concorde Agreement, but added: "I think that all the teams feel that the agreement is not now equitable and therefore, along with the manufacturers, we all desire to find a better way for the future.

"It's going to run for quite a few more months at least, not least because of the repercussions of the Kirch holding company situation and the fact that the liquidator has obligations to the creditors that won't see the 75 percent SLEC shares emerging in such a way that they could then be used in any negotiation. So, it's going to take time to sort out. But it could still work out that the existing rights holders come to an equitable arrangement with GPWC and the teams, who are part of both programmes, as it were."