JANUARY 17, 2003
GPWC confirm commitment to new series (again)
The Board of GPWC Holdings met in Berlin yesterday and decided to once again confirm their commitment to establishing a new series in competition to Formula 1 in 2007. The board says that it has appointed Goldman Sachs to start talks with representatives of the banks which hold 58% of the shares in SLEC (another 16% is disputed) to find out whether a financial deal is possible. The board formerly approved the GPWC business plan. The announcement did not say whether or not the business plan still includes a regulator independent of the FIA.
The announcement also said that the GPWC was "dismayed to note that the cost cutting measures already proposed by the teams in December last year and supported by the manufacturers have effectively been partially disregarded by the FIA. These measures were widely agreed to be reasonable and adequate and would without doubt have considerably reduced costs and fully enhanced the spectacle of Formula 1. Whilst it does not believe that the content, and manner of implementation of Wednesday's proposed changes are consistent with the contractual framework under which Formula 1 operates, GPWC is committed to resolving matters in a manner that supports the sport. GPWC will therefore ask the teams affiliated to its members to analyze the appropriate mechanisms available to them, to ensure that changes are not implemented, or precedents set, that will cause problems for Formula 1, the teams and the drivers in the future".
The announcement also indicated that the manufacturers are working together to supply extra engines (if needed) to teams so that there will be no shortage of engines in the future.
There was also confirmation that Ferrari has now replaced Fiat as a GPWC shareholder in partnership with BMW, DaimlerChrysler, Ford and Renault.
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