GPMA confirm: all members have signed
All five members of the Grand Prix Manufacturers Association have now signed a memorandum of understanding that will see them commit to Formula One until the end of 2012
In a statement issued at Barcelona, the GPMA said its members now await the commercial rights holder to sign the MOU as well.
CVC's managing partner Donald McKenzie is expected to arrive at Barcelona today and sign the deal agreed.
"Today's MOU constitutes a comprehensive solution to the future of the sport," BMW's executive board member Burkhard Goeschel said, on behalf of the GPMA.
"We can build on this result and look forward to jointly grow F1 and make it an even bigger sporting spectacle than ever before."
Autosport.com understands the breakthrough in the negotiations between the manufacturers and sport's commercial rights holder came when the GPMA agreed to compromise on the share of the revenues given to the teams.
The GPMA demanded 60% of Formula One's revenues, but eventually the sides agreed the teams will receive a smaller share than that - presumed to be more than 50%, which will be paid back from 2006, rather than from 2008.
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