MARCH 3, 2002
Automobile manufacturers moving ahead
THE automobile manufacturers will be meeting next week at the Geneva Autosalon to discuss the development of the planned GPWC series, which they say will replace Formula 1 in 2008. Significantly, FIA President Max Mosley will also be attending the show and in expected to have talks to try to convince the car manufacturers to look for a compromise with the current commercial rights holder of Formula 1 SLEC, which is part owned by the Ecclestone Family and part-owned by the struggling Kirch Media empire.
The manufacturers are keeping up the pressure on Kirch and have recently circulated a letter to the major circuits around the world, informing them that the series will go ahead. They say that a compromise is still possible and the most recent rumors suggest that Deutsche Bank may play a role in taking the rights from Kirch (in place of the debt payments) and the bank would then do a deal with the car manufacturers.