GPWC might double payout to teams

A Grand Prix World Championship earnings forecast, set out in the 'memorandum of understanding' signed by all 10 F1 teams, predicts that the participants would be paid more than €330m (£228m) a year (almost double their share of the 2002 F1 revenue), reports the Financial Times newspaper. And the teams would also share an annual bonus equal to 50 percent of GPWC's pre-tax profits, which are projected at €138m

Apr 29, 2003, 10:34 AM

But GPWC's commitment to operate its business under a policy of complete transparency has been thrown into doubt. Details of a one-off £50m payment that GPWC is reportedly ready to pay to Ferrari, in order to 'reward' the Italian team for joining the series, were leaked after conversations between lawyers representing the two partners at Imola during the San Marino GP meeting. The fact that there was no mention of the payment in the memorandum is said to have angered some of the other teams.

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