GPWC series woos Toyota and Honda

The manufacturers have set up a new company called GPWC to start up the series, which they plan to begin in 2008 when the current F1 Concorde agreement concludes. Despite having factories in Europe, neither Japanese manufacturer belongs to the European car makers group, ACEA.

"The matter is moving forwards so much that even Honda and Toyota will attend the next GPWC meeting," Montezemolo told Italian newspaper Gazzetta dello Sport.

Montezemolo also took the opportunity to speak out over F1 supremo Bernie Ecclestone's share of the sport's revenues, which is currently weighted as 43 percent to the teams and 47 to Ecclestone and the sport's governing body, the FIA.

"Ecclestone has great merits, he has grown Formula 1 to these levels," he said. "He has done it well and we have forgiven him certain excesses of greed. It's fine with us while he is there. If he sells, no."

"From 2008 there will be another F1, run directly by those who produce the show, that is the big firms that make the engines and are already competing now," he added.