GPWC to Lay Out Plans for F1 Future Tomorrow

Formula One carmakers planning their own series from 2008 will show teams what they have to offer on Wednesday.

While World Champions Ferrari have agreed to stay with commercial supremo Bernie Ecclestone and the governing FIA until 2012, the GPWC group will show the other nine teams a blueprint for the future.

"The teams will be presented with a structure that shows what the sport could be like if you don't have commercial control by three banks and a family trust," said a Grand Prix World Championship spokesman.

Bayerische Landesbank, JP Morgan and Lehman Brothers control 75 percent of the SLEC holding company that controls Formula One's commercial rights. The remaining 25 percent belongs to the Bambino Holdings family trust, of which Ecclestone is chief executive.

The banks are taking legal action against Ecclestone's companies in a battle for control of the sport while the commercial supremo is in turn fighting the GPWC for the support of the teams.

The GPWC groups Renault, BMW and DaimlerChrysler and can also count on the support of Honda and Toyota, the Japanese manufacturers who issued a joint statement with them last month expressing support for their aims.

The carmakers want a far greater share of revenues and transparency among other things.

While reports have talked about Ecclestone offering the teams anything up to $3 billion in guaranteed revenues over five years, the GPWC have avoided financial estimates of what might be on offer.

The existing Concorde Agreement that governs the sport's commercial side expires at the end of 2007.

Most Formula One insiders expect a deal will be done eventually to prevent a damaging split but the arguing is likely to continue for months.

"In life you always have to listen," said Minardi team boss Paul Stoddart. "So we'll go along to the meeting and listen. But there's no need to make any rushed decisions."