SLEC/GPWC deal worth £7m to F1 teams
Renault Sport chairman Patrick Faure has estimated that an increased share of the F1 revenues will bring a budgetary boost of £7m a year for the teams at the conclusion of the projected deal between the founders of GPWC (F1 manufacturers BMW, DaimlerChrysler, Ferrari, Ford and Renault), the 'F1 banks' (Bayerische Landesbank, JP Morgan and Lehman Brothers) and Bambino (Bernie Ecclestone's family trust). The SLEC/GPWC deal should be in place in mid-2004
"If, as I believe we will, we reach a definitive agreement, we will be able to count on an immediate initial benefit, from 2004," said Faure. "We are currently witnessing an economic upswing in Asia and the USA and, as the partners who have joined us this year demonstrate, F1 is an attractive shop window. A better distribution of earnings and new sponsors are signs that F1 is moving in the right direction.
"There is still progress to be made in terms of cutting costs, particularly in terms of testing. That will be our priority as soon as the GPWC agreement has been finalised."
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