 The car-company bosses will work with teams to increase revenue |
Formula One manufacturers and teams have agreed to co-operate more in an attempt to gain a greater share of the sport's television revenue. Grand Prix World Championship (GPWC), the company set up by the car companies to represent their interests, signed the deal with the 10 F1 teams on Thursday.
But GPWC's plans to set up a rival racing championship in 2008, when the current deal expires, could still be on the cards.
Car companies and team bosses are concerned that the sport's governing body, the FIA, gives them less than 50% of the cash generated by TV rights.
GPWC will now seek a meeting with FIA president Max Mosley and F1 boss Bernie Ecclestone to lay its demands on the table.
The five car companies involved in GPWC are BMW, Ford, Mercedes' parent company DaimlerChrysler, Ferrari owners Fiat and Renault.
The car owners and team owners agree they need more money to ensure the long-term future of the sport.
MMIX
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