N
NateDogg
Guest
Prospects Renewed for Breakaway F1 Series
By: RACER staff
London, England, December 9
F1's shrinking grid faces the prospect of a CART/IRL-style split, although the threat is still years away (photo by LAT).
Just when it looked like the prospects were good for a reconciliation between Bernie Ecclestone and auto manufacturers involved in Formula 1, a breakdown in the talks has recreated concerns of a possible breakway series.
This rift, which has developed out of the manufacturers’ demands for a greater share of control in F1, was back on the front burner obver the weekend when negotiations between the teams, Ecclestone and banks reportedly collapsed. According to Britain’s The Financial Times newspaper, Ecclestone called off talks about restructuring the championship, claiming that the car manufacturers had not responded to proposals that could give them greater control of the sport.
The manufacturers, led by Ford, Fiat, DaimlerChrysler and Renault, have been seeking greater control in the future direction of the series, and want a sizeable chunk of the equity in F1 that is currently owned by three major German banks. They have also established a company, GPWC, to develop a rival series to Formula 1, which would begin in 2008, after the present Concorde Agreement that governs the sport expires.
Ecclestone was prepared to hand over some shares and controls to the manufacturers, but canceled the talks because they had not responded. He told The Sunday Times newspaper: "I meeting was to give manufacturers some shares. We have been talking about it for a long time. The proposal was put to them for discussion—their bank has been given a proposal. We hadn't got any proposal back from [the manufacturer's bank] Goldman Sachs, so what's the point in having a meeting?"
FIA President Max Mosley, who previously has intimated that the FIA would stay out of the controversy and suggested that the governing body would sanction the new series provided it met FIA safety requirements, appeared to move a step toward Ecclestone’s side. Mosley now says that while the FIA would sanction any series set up, it would not credit it as a world championship.
By: RACER staff
London, England, December 9
F1's shrinking grid faces the prospect of a CART/IRL-style split, although the threat is still years away (photo by LAT).
Just when it looked like the prospects were good for a reconciliation between Bernie Ecclestone and auto manufacturers involved in Formula 1, a breakdown in the talks has recreated concerns of a possible breakway series.
This rift, which has developed out of the manufacturers’ demands for a greater share of control in F1, was back on the front burner obver the weekend when negotiations between the teams, Ecclestone and banks reportedly collapsed. According to Britain’s The Financial Times newspaper, Ecclestone called off talks about restructuring the championship, claiming that the car manufacturers had not responded to proposals that could give them greater control of the sport.
The manufacturers, led by Ford, Fiat, DaimlerChrysler and Renault, have been seeking greater control in the future direction of the series, and want a sizeable chunk of the equity in F1 that is currently owned by three major German banks. They have also established a company, GPWC, to develop a rival series to Formula 1, which would begin in 2008, after the present Concorde Agreement that governs the sport expires.
Ecclestone was prepared to hand over some shares and controls to the manufacturers, but canceled the talks because they had not responded. He told The Sunday Times newspaper: "I meeting was to give manufacturers some shares. We have been talking about it for a long time. The proposal was put to them for discussion—their bank has been given a proposal. We hadn't got any proposal back from [the manufacturer's bank] Goldman Sachs, so what's the point in having a meeting?"
FIA President Max Mosley, who previously has intimated that the FIA would stay out of the controversy and suggested that the governing body would sanction the new series provided it met FIA safety requirements, appeared to move a step toward Ecclestone’s side. Mosley now says that while the FIA would sanction any series set up, it would not credit it as a world championship.