Teams sign up for breakaway F1 series

Formula 1's threatened breakaway series, the Grand Prix World Championship, took another big step closer to reality today (Thursday). All 10 F1 teams, from Ferrari to Minardi, have signed up to the concept of the Operational Agreement for the series, which is scheduled to start in 2008

Teams sign up for breakaway F1 series

The teams met with the GPWC organisers in Munich, Germany, today (Thursday), where the five car manufacturers involved in F1 presented an Operational Agreement - their version of F1's Concorde Agreement. They then signed a Memorandum of Understanding and agreed to work together to complete the terms of the Operational Agreement, which is believed to feature more favourable financial terms to the teams than they currently receive.

At Interlagos at the weekend, McLaren chief Ron Dennis said: "The documentation which will be presented to the teams is a complete and comprehensive proposal. It has had significant input from all the teams and significant legal representation. There is no desire for any of the teams to go in a different direction but there is a definite desire to have a more equitable situation in F1 for everyone."

The GPWC remains a vital bargaining tool for F1 teams as they bid to receive a greater share of the sport's revenue, such as TV rights, from F1 supremo Bernie Ecclestone. He is believed to have failed in his attempts at Interlagos to convince the teams about the sport's long-term future and an extension of the Concorde Agreement, the secret document by which F1 is governed.

The GPWC has said it now intends to meet Max Mosley, the president of the sport's governing body the FIA, and F1 commercial rights holder Ecclestone "to update them on the details of today's meeting".

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