The threat of a breakaway series has hung over Forumula One for some years because the major manufacturers are unhappy with the way that income generated by Formula One is distributed.
A report in The Times newspaper said Grand Prix World Championship (GPWC) planned to promise the teams 80 per cent of the sport's revenues, quadrupling their current combined share of about $190million a year, as well as control of the business.
GPWC executives are also believed to have spoken to officials of leading circuits recently.
