GPWC and SLEC make progress

GPWC and SLEC reached a breakthrough in their discussions on the future of motorsport In a meeting between GPWC (Grand Prix World Championship) and SLEC (the Formula One group's holding company) shareholders earlier today, significant progress...

GPWC and SLEC reached a breakthrough in their discussions on the future of motorsport

In a meeting between GPWC (Grand Prix World Championship) and SLEC (the Formula One group's holding company) shareholders earlier today, significant progress was made with the participants having agreed to prepare a Memorandum of Understanding before year end regarding the future structure of Formula One.

The meeting was attended by all GPWC Directors, representing their respective corporations (BMW, DaimlerChrysler, Ferrari, Ford, Renault), while SLEC was represented by all its shareholders, comprising Bayerische Landesbank, JP Morgan and Lehman Brothers, and the Bambino Holdings. In addition, Bernie Ecclestone, CEO of FOA, also participated.

Dr Gerhard Gribkowsky representing the shareholders, Prof Jürgen Hubbert chairman of GPWC and Bernie Ecclestone CEO of FOA: "We are very happy that today we reached a breakthrough in our negotiations about the future of Formula One. The outcome is in the best interests of Formula One and the millions of its fans around the world."

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About this article
Series Formula 1
Drivers Bernie Ecclestone
Teams Ferrari