Montezemolo backs GPWC series

Although plans for the much talked about GPWC series planned from 2008 have been progressing behind closed doors for several months, there had been a growing view that the series would fall apart because it did not have the full support of the F1 field - especially amid suggestions that Ferrari was wavering in its commitment.

But against the backdrop of dramatic fears about the future of the sport, di Montezemolo told reporters on a visit to the Italian Grand Prix that Ferrari was committed to the GPWC unless there was a dramatic change in the way F1 is run.

"GPWC is a group of car manufacturers coming from different histories and with different experiences in F1," he said. "For Ferrari the situation is different because we are small. Ferrari is not as big as Mercedes, BMW, Renault, Honda or Toyota.

"Ferrari can continue to race in F1, and if we continue we want to be
competitive, if the level of the costs is acceptable with the total
turnover of the company. But in terms of strategy, in terms of what we want for the future of F1, I am totally with the GPWC idea."

The decision about Ferrari's future participation in either championship has always been viewed as a key factor in the success of F1 or the GPWC - because the team will draw huge support from its loyal fans. This has given the Italian outfit huge political leverage in ensuring it gets to compete on its own terms.

Di Montezemolo suggested that only a radical overhaul of the sport's current finances would keep Ferrari in F1 - claiming that the current financial deal in which the teams only receive 47 percent of the television income was no longer acceptable.

In laying out his own personal vision for a future championship he said: "We are in favour of a strong political authority, the FIA. We are in favour of someone who can organise having 20 percent of the revenue as an agent and then 80 percent for the teams and we want to invest in a tight and fascinating formula in terms of technology, innovation and advances revenue.

"We have European football teams that have far more revenue than Ferrari. I like soccer but I know the difference in budget between racing teams and soccer teams. I said this three years ago, but unfortunately for different reasons it was not possible to find a solution.

"But now is the time to find a solution. Now everybody has to think very carefully for the future."