Honda and Toyota Side with GPWC over F1 Future

Japanese car giants Honda and Toyota have sided with manufacturers planning a rival series to Formula One by issuing a joint statement setting out their vision for the sport's future.

While a spokesman for the Grand Prix World Championship (GPWC) said the two had not formally joined BMW, Mercedes and Renault in the group, tonight's statement made clear that they were in agreement.

The move was a boost for the GPWC, whose demise was widely proclaimed after Ferrari announced last week that they had agreed unilaterally to remain in the existing Championship until 2012.

A source close to the carmakers said Ferrari's action, despite being founder members of the GPWC, had fuelled the anger of the Japanese to the extent that they approached their European rivals asking for a meeting.

The statement issued tonight said all five carmakers met to discuss their views about the future after the expiry of the existing 'Concorde Agreement' in 2007 which governs the sport's commercial matters.

"All participants have unanimously agreed upon a comprehensive set of governing principles which they believe represent an appropriate framework for the sport," it said.

It listed five main objectives:

To keep Grand Prix motor racing at the pinnacle of motorsport.

To provide the basis of a long-term plan for the prosperity of grand prix motor racing and its stakeholders.

To support and encourage the participation of independent teams through technical assistance and engine supply.

To attract and excite and provide good value to fans.

To be open, transparent and fair in commercial, technical and sporting governance.

The detailed principles also talked of the importance of rule stability, ways of reducing costs and of providing a far greater share of the sport's revenues.

Renault and Toyota both own teams while Honda have 45 percent of BAR and Mercedes have a stake in McLaren. BMW are engine partners to Williams and Toyota are also supplying Jordan with engines this year.

The statement said the manufacturers would talk to all the teams and try to draw up detailed regulations which meet the principal objectives.

The GPWC, led by former Mercedes board member Juergen Hubbert, has already said that it will meet the teams next month to outline its own blueprint for the future.

Teams wrote a letter to FIA president Max Mosley yesterday seeking the postponement of a meeting on Friday to discuss possible rule changes from 2008, arguing that they needed more time.

"The manufacturers support the approach and look forward to participating in the process recommended by the teams in their letter of January 25 to the FIA," said tonight's statement.