The GPWC, representing the manufacturers BMW, DaimlerChrysler, Ferrari, Ford and Renault, have been engaged in discussions for months over securing a bigger share of the Formula One cash pot.
Failure to agree terms – a deadline had been set for the end of the calendar year – would have seen definite plans for a breakaway established.
But following a meeting in Geneva attended by all the directors of the GPWC and SLEC – the company holding the commercial rights to the sport, a deal now looks likely.
SLEC is owned by the banks who took over the stake once owned by Kirch – Bayerische Landesbank, JP Morgan, Lehman Brothers and Bambino Holdings.
Also, crucially, at the meeting was Bernie Ecclestone, CEO of FOA.
In a statement issued by Dr Gerhard Gribkowsky representing the shareholders, Prof JC
“The outcome is in the best interests of Formula One and the millions of its fans around the world."
It had always been widely expected that Ecclestone would relent and allow the teams to take a bigger slice of revenues.
Added a statement from the GPWC: “Significant progress was made with the participants having agreed to prepare a ‘memorandum of understanding’ before year end regarding the future structure of Formula One.”
