Formula One needs Bernie says Ferrari chief

Ferrari chief Luca di Montezemolo believes Bernie Ecclestone needs to stay in charge of Formula One once the future of the sport is secure. A breakaway threat came from car manufacturers Grand Prix World Championship (GPWC), which intended to...

Ferrari chief Luca di Montezemolo believes Bernie Ecclestone needs to stay in charge of Formula One once the future of the sport is secure. A breakaway threat came from car manufacturers Grand Prix World Championship (GPWC), which intended to start its own series when the current Concorde agreement runs out in 2008.

Recently, however, the GPWC -- Ferrari, Mercedes, Renault, Ford and BMW -- said it was making progress in talks with SLEC (the Formula One group's holding company) and have agreed to prepare a Memorandum of Understanding in regard to the structure of F1 in the future.

"It is too early for many details. But we need Bernie Ecclestone even more to run the business because the business is owned by the banks," di Montezemolo told reporters at Maranello.

"We hope that by the end of the year there will be a clear picture, because there are many big issues including television rights, ticket sales, circuit signage and other forms of advertising. We want revenues from all three areas and hope that by the end of the year GPWC, Bernie Ecclestone and the banks will make it all official."

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About this article
Series Formula 1
Drivers Luca di Montezemolo , Bernie Ecclestone
Teams Ferrari , Mercedes