Grand Prix World Championship (GPWC) has appointed a marketing and management company to work on the structure for its new series, which aims to rival Formula One from 2008. The GPWC has been fairly quiet since earlier this year but is going ahead with its plans for a breakaway open wheel series once the current Concorde Agreement ends. International Sports and Entertainment AG (iSe) is the company that has been appointed.
GPWC said its goal was to 'create the new pinnacle of motor sports' that will 'maintain the strengths of Formula One, while eliminating its weaknesses'. This includes long term stability and better economic benefits for the participating teams.
"We have been more than patient with the current management and governance of Formula One, but recent developments have underlined the need for a structure that guarantees a stable and prosperous future of the sport," said Chairman Prof. Jürgen Hubbert in a statement released on October 26th.
"GPWC is very satisfied to have secured the services of iSe. Its strong shareholder base and wide-ranging management experience with global sports events such as the FIFA World Cup and the Olympic Games makes iSe our clear partner of choice."
GPWC had signed a Memorandum of Understanding with F1 commercial company SLEC and Bernie Ecclestone back in December 2003, but the deal fell through and GPWC reverted to its plan for a new series. The group claimed that SLEC failed to comply with important points of the agreement.
Now that Ford has withdrawn from F1, it has passed its shares in GPWC to the four other manufacturers in the group, BMW, Mercedes-Benz, Ferrari and Renault.