GPWC Unveil Economic Model for New Series

GPWC Holdings, the company planning to set up a series to rival Formula One in 2008, met on Friday at the Silverstone circuit, unveiling some of the details of the proposed new championship.

"It was a constructive meeting with the team principals," said GPWC CEO Juergen Hubbert. "The teams received the proposal very positively, and will continue to discuss with the manufacturers in detail solutions further to improve Grand Prix racing in the future."

The directors of GPWC met with representatives of all Formula One teams to discuss the future of the championship and the way the teams could benefit from it. GPWC unveiled the economic model of the new championship, that would see most of the revenues generated from the series being channelled to the teams.

While the Formula One squads currently participate only in television and computer game revenues, GPWC said that all generated income such as that from television rights, promotion of races, trackside advertising, hospitality, merchandising, would be shared among those participating in the series.

"The meeting was very useful and informative," said team boss Eddie Jordan. "There is a lot to digest. We look forward to our next meeting."

GPWC said that the teams were determined to work together with them in order to secure the future of the sport, adding that the meeting represented "a significant step forward for GPWC and for the GPWC Series."

"I listened with interest," added Frank Williams. "There are questions still to be asked and resolved, but there is still plenty of time to do this. I look forward to our next meeting."