GPWC Still Committed to Breakaway Series

The carmakers involved in Formula One are still committed to a breakaway championship when the current Concorde Agreement ends in 2007.

The five major European carmakers involved in Formula One - Ferrari, Ford, Renault, Mercedes parent DaimlerChrysler and BMW - have set up a company, GPWC Holdings, to plan for their own championship from 2008 when the existing agreement expires.

Last month, the GPWC terminated a memorandum of understanding with Bernie Ecclestone's SLEC to work together to secure the future of the sport.

Despite rumours to the contrary during the Spanish Grand Prix weekend, the GPWC group is still determined to create the rival series, and the five board members of GPWC - all senior car company executives - met in Barcelona on Sunday.

A GPWC source told Atlas F1 that all of them had confirmed their support to the group.

"We had a very good meeting and all members reinforced their commitment for the future of GPWC. We will continue to pursue our goals, including, if necessary, a breakaway series," the source said.

In a statement issued today, GPWC said they were no longer in negotiations with Ecclestone's SLEC company after the memorandum of understanding did not came to a successful conclusion last month.

"We regret that the MOU signed in December last year has not been brought to a successful conclusion due to a lack of support from the SLEC shareholders," the GPWC said in a statement. "This phase in now over and we are no longer in negotiations with SLEC.

"GPWC remains united, and while we note the proposals from SLEC to improve distribution of income from the sport to the teams, the other key objectives that were laid out remain outstanding.

"GPWC believes that all of these objectives must be met to secure the future of the sport beyond the term of the current Concorde Agreement, which expires in 2007, and must therefore intensify its efforts towards these objectives."

FIA president Max Mosley said after meeting teams in Monaco last week that he felt the GPWC's aims had been met and the group no longer had a reason to exist.