GPWC repeats commitment to New Series while negotiations with SLEC shareholders continue Earlier today, all teams participating in Formula One have been updated by the Chairman of GPWC Holdings B.V. (GPWC) on the status of plans to establish a...
GPWC repeats commitment to New Series while negotiations with SLEC shareholders continue
Earlier today, all teams participating in Formula One have been updated by the Chairman of GPWC Holdings B.V. (GPWC) on the status of plans to establish a New Series. They were also updated on the status of negotiations with the SLEC shareholders to explore the possibility of an agreement, which would achieve GPWC's objectives earlier and which would end uncertainty about the future of the world's leading motor sport series.
Since the signing of the memorandum of understanding by all teams, on 10 April 2003, GPWC and the teams have been working together to complete the Organisation Agreement (OA). Clearly formulating the key features of the commercial and sporting structure of grand prix motor racing, the OA is to be the future foundation for the sport, either through the New Series or through an agreement with the current owners of Formula One.
Parallel to making progress with the New Series, to start no later than 2008, GPWC continues its serious discussions with the SLEC shareholders to achieve its objectives in a short-term time frame. However, GPWC will not accept a solution that is at the expense of the long-term best interests of the teams and the sport. Said GPWC Director Richard Parry-Jones: "It is our intention to find a solution that benefits all parties. Therefore, GPWC is willing to continue the discussions in 2003. If we do not come to an agreement at the end of this year, we will focus all efforts on setting up the New Series. Experience has shown that if an agreement is not reached within a certain timeframe, it is better to focus on the alternative."
An example of GPWC's commitment to the immediate well-being of the sport is a customer engine agreement, which is currently being developed. The agreement will ensure the supply of affordable competitive engines to independent teams. This would be ready for implementation following a successful solution with SLEC shareholders.
Although there are still a number of issues to be discussed, the discussions with SLEC shareholders so far have been constructive. The next step will be the official reaction from SLEC shareholders to GPWC's latest proposal. In parallel, GPWC and the teams will continue to complete the Organisation Agreement.