Automakers threaten Formula One

Updated: 25 February 2007 09:06 IST

Major automakers issued a sharp threat to Formula One that could threaten the future of the sport.

Automakers threaten Formula One

Imola:

Major automakers issued a sharp threat to Formula One that could threaten the future of the sport. Grand Prix World Championship (GPWC) - comprising Ferrari, DaimlerChrysler, Renault, Ford and BMW - said in a statement that it had decided "to end negotiations on the future structure of Formula One" with the sport's marketing arm due to organisers' failure to meet their demands. The GPWC has threatened Formula One before - it was formed to establish a rival series starting in 2007 unless it got a bigger slice of the Formula One revenue cake. Currently, the automakers receive 47 per cent of television revenues. However, the group said in December that it had given up its threat for a rival series in return for a bigger share of profits. Earlier yesterday, a meeting was planned by F1's ruling body to discuss a major overhaul of rules to radically reduce the cost of operating a Formula One team, with proposals to change the sport with a series of technical changes. The automakers, however, maintain that teams have already taken "reasonable and adequate" measures to reduce costs. "When we realised that our commitment was not met by the other parties, we had to make a decision in the best interest of the sport, and end negotiations," GPWC chairman Juergen Hubbert said in the statement. (AP)



Topics : Formula 1
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