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Major F1 carmakers to go ahead with breakaway series

Five major manufacturers in Formula One met on Wednesday and said they were going ahead with plans for a breakaway series beginning in 2008.

BMW, DaimlerChrysler, Renault, Toyota and Honda -- composing a group known as the Grand Prix Manufacturers Association (GPMA) -- met with seven of the 10 Formula teams: BAR, McLaren, Minardi, Renault, Sauber, Toyota and Williams.

Ferrari, Jordan and Red Bull have already signed up to stay with F1 commercial rights holder Bernie Ecclestone beyond the 2007 season and did not attend the meeting near Munich, Germany.

The meeting could be a setback for FIA president Max Mosley and Ecclestone, who are trying to retain their 25-year control of the lucrative series. The manufacturers and teams have threatened to leave unless the sport is reformed.

The FIA is the world governing body of motor racing and exerts strong influence over F1. Ecclestone and Mosley are longtime friends, and Mosley is Ecclestone's former lawyer.

"Whilst the group remains open and willing to discuss with the current commercial rights holder and the FIA on the future of Grand Prix motor racing beyond 2007, the current uncertainty leaves them with no option other than to progress preparatory work for the new series," the GPMA said in a statement.

"Although the team principals and manufacturers agree that some progress was made in the recent meetings, they considered it was not sufficient to delay the preparations for the new series," the GPMA said.

Mosley and Ecclestone are reported to have offered some concessions to keep the breakaway teams in the fold.

However, the five manufacturers and their representative teams said they signed a "binding agreement to race together only in a series which satisfies the fundamental principles of a clear and equitable world championship."

The GPMA and teams have called for more financial transparency, and want the power of the FIA limited to interpret rules.

The breakaway group wants appeals taken to the independent, Swiss-based Court of Arbitration for Sport, rather than the FIA's own court. It also asked that special veto rules -- granted only to Ferrari -- be rescinded.
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