Williams pulls out of F1 breakaway
threat
Motor racing stalwarts Williams have become the latest team to pull
out of a threatened breakaway to the Formula One Grand Prix
series.
Formula One racing faces a challenge from five major carmakers who
plan to launch their own series in 2008 unless significant changes
are made to the way the sport is run.
The Grand Prix Manufacturers Association, grouping Renault,
DaimlerChrysler, who own Mercedes, Honda, BMW and Toyota wants
better corporate governance and a bigger slice of the sport's
commercial earnings.
Ferrari, Red Bull and Jordan, who become Midland next year, had so
far lined up behind F1 ringmaster Bernie Ecclestone who
unexpectedly sold his commercial rights for reportedly one billion
dollars to private equity group CVC Capital Partners last
month.
However, the 75-year-old is expected to continue running grand prix
racing next season under a new set-up.
A Williams spokesman revealed an improved offer from Ecclestone
after weeks of negotiations had finally persuaded Sir Franks
Williams to agree.
Williams' Team Principal Sir Frank Williams said: "The
manufacturers and teams have been a catalyst for a number of
far-reaching changes to the economics and administration of Formula
One.
"We believe that the time has now come for everybody to remove the
damaging uncertainty hanging over our sport and to commit to
Formula One after 2008.
"I hope our decision will encourage the remainder of the Formula
One community to join us and resolve any final details by working
together.
"We all have a duty to avoid a damaging split in our sport and I
believe the undertakings we have from FOM and the FIA provide a
fair basis for bringing everyone together in the interests of the
sport."