Breakaway series still planned

Preparations for new series moves forward

*Teams and manufacturers remain committed to improving the sport for spectators and other key stakeholders
*Long-term best interests of the sport come before a short-term compromise
*iSe to advance negotiations with key parties

Today, a meeting between five major car manufacturers (BMW, DaimlerChrysler, Honda, Renault, Toyota) and seven teams (BAR, McLaren, Minardi, Renault, Sauber, Toyota, Williams) who currently participate in Formula One took place close to Munich.

The five manufacturers and their teams entered into a binding agreement to race together only in a series which satisfies the fundamental principles of a clear and equitable World Championship. All teams not party to this agreement are encouraged to participate in a constructive process to form the premier motor sport series.

Whilst the group remains open and willing to discuss with the current commercial rights holder and the FIA on the future of Grand Prix motor racing beyond 2007, the current uncertainty leaves them with no option other than to progress preparatory work for the New Series.

Although the team principals and manufacturers agreed that some progress was made in the recent meetings, they considered it was not sufficient to delay the preparations for the New Series.

As a result, International Sports & Entertainment AG (iSe), the company that was appointed October 2004 as an operating partner for the alliance of teams and manufacturers, will advance strategic and commercial negotiations with key parties.

-gpma-