The threat from the Grand Prix World Championship (GPWC) group, that plans to run its own series from 2008, could be averted in the near future according to Renault chairman Patrick Faure. Talks are due to be held between GPWC and creditor banks...
The threat from the Grand Prix World Championship (GPWC) group, that plans to run its own series from 2008, could be averted in the near future according to Renault chairman Patrick Faure. Talks are due to be held between GPWC and creditor banks that hold a 58% stake in SLEC, the holding company that owns the commercial rights to F1, and a successful outcome would guarantee the financial future of F1.
"We're going to discuss with the banks a compromise solution between us," Faure told Autosport. "This would be good for us and show that the future of F1 is going in the right direction."
GPWC consists of manufacturers Renault, Ferrari, Mercedes, BMW and Ford, all currently involved in F1. Relationships between GPWC and the FIA have been strained and the breakaway group recently spoke out about the new rules imposed this month, saying the FIA had disregarded the cost-cutting measures the teams themselves had come up with in December.
Faure also said that Renault could pull out of F1 because of the ruling on engines having to last six races, due to be bought into force in 2006. FIA president Max Mosley shrugged off the possibility of manufacturers leaving the sport because of the changes, saying it was 'ok' if that's what they chose to do.
For the moment though, the GPWC is due to meet with teams next month to discuss the financial revenue gained in F1 and how it can be more evenly allocated: "I hope we have a compromise," said Faure. "We want to work with the people who want to secure the future of F1 but who don't want to keep the money for themselves."
"We do not want to keep the money for GPWC -- we want the money to go to the teams on an equal, transparent basis. Whatever happens this is how F1 needs to be."