The meeting will discuss wide-ranging new proposals put forward by Max Mosley, president of motorsport governing body the FIA, which will radically alter the way the sport is run from 2008 onwards.
Mosley’s terms will carry greater weight than ever before, as the new scheme would kick in after the existing Concorde Agreement expires.
The key points are Mosley’s desire to see costs dramatically reduced, allowing for greater competition and more teams. He also wants two separate commercial deals – one between the FIA and the teams, and another between the teams and SLEC, the commercial rights holder of the sport, effectively replacing the secretive Concorde Agreement which currently binds all parties.
Meanwhile, also on the agenda will be the current situation with the GPWC. The consortium of major manufacturers has lost its way after negotiations with SLEC broke down over a new revenue sharing system. With other teams on the grid turning against the GPWC, any threats for a breakaway series in 2008 are not being taken too seriously.
Should Mosley succeed in convincing teams to support his plans, they will go before the FIA for full approval in June.
Formula One teams and executives meet today in Monaco for a crunch meeting on the future of the sport.
