OCTOBER 22, 2002
GPWC announces F1 proposal
The GPWC, rather oddly, said that in addition to the proposal it will continue with its plans to start its own World Championship in 2008.
The release is interesting in that it will not be greeted warmly by the FIA, the organisation which has the ultimate control of the commercial rights to F1. The suggestion that there is not a strong regulatory framework may simply be clumsy phrasing but it is certainly open to misunderstanding.
The deal being offered apparently calls for a new Concorde Agreement which will last until 2017.