Honda F1 website

MAY 8, 2004

What is the GPWC doing now?

The GPWC is now considered by most people in the Formula 1 paddock to be a moribund organization and the plan appears to be each of the Formula 1 teams to negotiate their own commercial deal with Bernie Ecclestone's Formula One Management.

There have been rumours for some weeks that Ferrari has already concluded a long-term deal with FOM and that the other teams will now follow. Ecclestone has let slip that he is going to be spending an extra $670m on the teams between now and the end of the current Concorde Agreement in December 2007 but it seems that Bernie is keen to convince all concerned to agree to cancel the Concorde Agreement early so that cost-cutting changes can be brought in earlier than planned.. The additional money will be an incentive for the teams to agree terms.

The GPWC representatives are not saying what the purpose of the Barcelona meeting is but speculation in the paddock is that it will be a question of how to unwind the organisation.