It has been locked in negotiations with SLEC - the holding company of the commercial rights to Formula One - in a bid to achieve a bigger slice of revenues.
Failure to do so will result in the GPWC forming a breakaway series in 2008.
Said GPWC director Richard Parry-Jones: "It is our intention to find a solution that benefits all parties. Therefore, GPWC is willing to continue the discussions in 2003. If we do not come to an agreement at the end of this year, we will focus all efforts on setting up the New Series. Experience has shown that if an agreement is not reached within a certain timeframe, it is better to focus on the alternative."
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