Jordan happy with future resolution

Team boss Eddie Jordan is happy that the future of Formula One seems to be settled after the GPWC and SLEC signed an agreement yesterday. The GPWC, consisting of manufacturers DaimlerChrysler, Ferrari, BMW, Ford and Renault, agreed with SLEC, Formula One's holding company, on a Memorandum of Understanding in regard to the future structure of F1.

Eddie Jordan.
Photo by Jordan Grand Prix.
This includes more revenue for the teams, the GPWC being represented on the board of SLEC and Bernie Ecclestone continuing to run the Formula One Association as CEO. The agreement effectively defused the threat of GPWC forming its own breakaway series when the current Concorde agreement expires in 2008.

"I have yet to see details of the benefits to teams but overall it's fantastic to have harmony in the sport," said Jordan, according to the team website. "Seeing everyone involved pulling together is a very happy situation."

"If the financials are what we estimated and hoped for, this will be a great help to privateer teams as well as manufacturers. It's good news for F1, the teams and fans all over the world."

Under this new arrangement the current shareholders will still own the majority stake in SLEC and an extension of the Concorde agreement is part of the deal.

"Obviously my main interest has always been to secure the long-term future of Formula One," said Ecclestone. "With an amended and extended Concorde Agreement about to be signed, and a general consensus on the key issues, I am very optimistic."