APRIL 10, 2003
F1 team bosses sign GPWC memorandum
The Formula 1 team bosses and the the directors of the Grand Prix World Championship met in Munich, Germany today to discuss the future shape framework for the sport with what is called "a unanimous view to promote its long-term stability". The meeting ended with all the participants signing "a memorandum of understanding and agreeing to work together to complete the organisation agreement on key features of the commercial and sporting structure of GPWC".
The GPWC now intends to meet with FIA President Max Mosley and Bernie Ecclestone, who represents the commercial rights holders of Formula 1, to "update them on the details" of the meeting.
A memorandum of understanding is nothing more than an agreement to work at findding an agreement but it is clear that the GPWC wanted some show of unity so that the authorities understand that they must be taken seriously.
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