Teams Invited to Join GPWC Series as Equals

Carmakers planning their own grand prix series from 2008 have invited Formula One teams to sign up on equal terms, with the possibility of affordable engines being made available from next year.

The manufacturers who form the Grand Prix World Championship (GPWC) - Renault, BMW and DaimlerChrysler - issued a joint statement with Honda and Toyota on Wednesday after meeting nine of the 10 teams.

It said they had "unanimously agreed upon the establishment of a new framework for their participation in grand prix motor racing post-2007."

World Champions Ferrari, who have agreed a unilateral deal to stay until 2012 with Formula One's commercial supremo Bernie Ecclestone and the governing International Automobile Federation (FIA), did not attend.

Ferrari have in the past received more money than their rivals, reflecting their status as the sport's glamour team and the only ones to have competed in the Championship from the outset in 1950.

The current Concorde Agreement governing the sport's commercial matters runs out at the end of 2007. The statement said all parties had fully endorsed governing principles published last month by the manufacturers, which listed five main objectives.

Engine Incentive

The privately-run Red Bull, Jordan and Sauber teams had 'warmly welcomed' the initiative but reserved their formal response until they had consulted with team owners. The carmakers offered an incentive to the smaller teams however, with the possibility of affordable and competitive engines to those that signed up.

"The manufacturers agreed that when the series is established which respects the 'Governing Principles for Grand Prix Motor Racing', then they will guarantee from 2006 the supply of competitive engines at an affordable price to a second team which commits to such series," the statement said.

"All parties agreed to continue to cooperate together and to establish technical, sporting and governance working groups with appropriate specialists," the statement said.

The carmakers' main objectives include keeping grand prix racing as the pinnacle of motorsport, encouraging the participation of independent teams and being open and transparent in commercial, technical and sporting governance.

While Formula One is split between the two camps, many insiders doubt that there will be a damaging split.

"A vast majority of the teams, once you've got Ferrari on your side, will all side with Bernie," former team boss Eddie Jordan told the BBC before the meeting.

"Bernie Ecclestone is the only credible solution because the private teams would have great problems believing the manufacturers will look after their needs and cares. Bernie has looked after us almost like a godfather figure, in a tough way but a fair way."

Ecclestone's companies that run Formula One are however embroiled in litigation with the shareholder banks fighting for control of the billion dollar sport.