The group – known as the Grand Prix Manufacturers Association (GPMA) – issued a brief statement in response to the development, where the EU approved the private equity group’s takeover of SLEC, the holding company for Formula One Group, subject to CVC divesting itself of Dorna Sports, commercial rights holders for the MotoGP Championship.
The EU was concerned that if motorsport’s top two events had a common owner, it risked driving up broadcast rights fees and reducing consumer choice.
A statement from GPMA read: "Since CVC announced its intention to acquire SLEC, significant progress in the discussions about the commercial future of Formula One has been made. [Yesterday’s] approval was actively supported by the GPMA manufacturers and teams and they are optimistic that it will create additional momentum for the ongoing negotiations."
The group has threatened a breakaway if they don’t get what they believe to be a fairer distribution of Formula One revenues and more say in the running of the sport.
The group - which comprises Renault, Honda, Toyota, BMW and Mercedes (McLaren) - is yet to sign up to a new deal with F1 supremo Bernie Ecclestone.
It is believed Ecclestone will still run F1 operations after the sale to CVC.
Six teams, meanwhile, have already committed themselves to F1.
