Following a meeting in Madrid between the GPWC board of directors and principals of all Formula One teams, an agreement was struck to push forward with plans to try and secure a better slice of the sport's massive revenues.
The GPWC board comprises of the five major carmakers BMW, DaimlerChrysler, Fiat, Ford and Renault.
Said a GPWC spokesman: "The meeting was part of an ongoing development process and represents a key step for GPWC and the Formula One teams towards realising their common goals: achieving long-term stability for the sport, significantly increasing team payments and creating a more transparent commercial environment.
"The meeting's agenda included a discussion on the future framework for the sport with a unanimous view to promote its long-term stability.
"The meeting resulted in all participants signing a memorandum of understanding and agreeing to work together to complete the organisation agreement on key features of the commercial and sporting structure of GPWC.
"GPWC believes these objectives are in the best interest of the teams and in the best interest of the sport.
"Following the meeting, GPWC intends to meet with Max Mosley, president of the FIA and with Bernie Ecclestone, who represents the commercial rights holder of Formula One, to update them on the details of today's meeting."
