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Progress made on Formula One's future 04 Dec 2003

A breakthrough in negotiations concerning the future form of Formula One racing was reached today (Thursday). It came at a meeting in Geneva between GPWC, the company formed by five of the main car makers involved in the sport, and SLEC, the parent company of the Formula One Group of companies, including Formula One Administration.

According to a press release, significant progress was made with the participants having agreed to prepare a Memorandum of Understanding before the end of this year regarding the future structure of Formula One racing.

The meeting was attended by all GPWC Directors, representing their respective corporations (BMW, DaimlerChrysler, Ferrari, Ford, Renault), while SLEC was represented by all its shareholders, comprising Bayerische Landesbank, JP Morgan and Lehman Brothers, and the Bambino Holdings. In addition, Bernie Ecclestone, CEO of FOA, also participated.

Dr Gerhard Gribkowsky representing the shareholders, Prof Jurgen Hubbert, chairman of GPWC, and Bernie Ecclestone, CEO of FOA: "We are very happy that today we reached a breakthrough in our negotiations about the future of Formula One. The outcome is in the best interests of Formula One and the millions of its fans around the world."