DECEMBER 4, 2003
Peace in our time?
The GPWC and SLEC met in Geneva on Thursday have agreed some kind of a deal at a meeting in Geneva today. The parties involved have agreed to prepare a "memorandum of understanding" before the end of the year to detail the future structure of Formula 1. The GPWC said that the meeting was "a breakthrough" in their discussions.
The meeting was attended by all the GPWC members (BMW, DaimlerChrysler, Ferrari, Ford and Renault), while SLEC was represented by all its shareholders (Bayerische Landesbank, JP Morgan, Lehman Brothers and Bambino Holdings). Bernie Ecclestone, the chief executive of Formula One Administration was also present.
Dr Gerhard Gribkowsky representing the SLEC shareholders, Prof Jčrgen Hubbert chairman of GPWC and Bernie Ecclestone issued a joint statement saying that "we are very happy that today we reached a breakthrough in our negotiations about the future of Formula 1. The outcome is in the best interests of Formula 1 and the millions of its fans around the world."
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