NOVEMBER 29, 2001

GPWC presents new series to F1 teams

ON Tuesday in Geneva the Formula 1 team bosses (with the exception of Tom Walkinshaw) turned up for a presentation about the planned Grand Prix World Championship in 2008. The presentation was made by the investment bank Goldman Sachs with assistance from Paolo Cantarello of Fiat and Jurgen Hubbert of DaimlerChrylser. The five car manufacturers involved have all given a commitment to remain in Formula 1 in the long-term and indicated that their intention is to keep the same basic regulations for the World Championship - at least in the short term.

The manufacturers say that they do not want to get into a competitive situation with there being a Formula 1 series and a Grand Prix series but that negotiations to date with Kirch have failed to come up with any middle ground and therefore it is necessary to start preparations for an alternative. The key is stability and the investment made the car companies is massive and they want to make sure that the money being generated by the sport is not all taken out of the sport. This will mean that their investment will be reduced.

Increasingly it seems that the idea of a new World Championship is becoming more serious but everyone continues to hope that there can be a deal before a split occurs.