Formula 1
GPWC ends Formula One negotiations
The Grand Prix World Championship (GPWC) group has ended negotiations with F1's holding company SLEC and Bernie Ecclestone's Formula One Administration (FOA). A Memorandum of Understanding (MOU) was recently signed between GPWC and the concerned ...
Edited: Apr 25, 2004, 2:08 AM
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The Grand Prix World Championship (GPWC) group has ended negotiations with F1's holding company SLEC and Bernie Ecclestone's Formula One Administration (FOA). A Memorandum of Understanding (MOU) was recently signed between GPWC and the concerned parties but further talks have now broken down.
"Despite all reasonable efforts to implement the Memorandum of Understanding between GPWC Holdings B.V. and the shareholders of SLEC Holdings Ltd, GPWC has decided to end negotiations on the future structure of Formula One, due to SLEC shareholders' failure to comply with key points agreed in the MOU," said a statement released by the GPWC on April 23rd.
"Accordingly, and in the best interests of the sport and the teams, GPWC has terminated the MOU with FOA and SLEC shareholders, thereby releasing GPWC from the standstill provision in the MOU."
Prof. Juergen Hubbert, Chairman of GPWC, said: "When we realised that our commitment to implement the MoU was not met by the other parties, we had to make a decision in the best interest of the sport, and end negotiations."
The GPWC intends to continue its support of cutting costs in F1 and a more equal share of commercial revenue to all teams. However, some teams met with Bernie Ecclestone in Bahrain, unhappy that the MOU was still catering to the big teams and leaving the rest without an increased slice of the finances.
The FIA's new regulation proposals for 2008 will attract the support of at least half the teams on the grid for financial reasons, presuming the terms set out actually come to fruition. So it now seems the GPWC is a little bit redundant -- unless it has another plan up its sleeve.
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