The nine F1 teams, along with the five manufacturers - BMW, DaimlerChrysler, Honda, Renault and Toyota - have tonight issued the following statement.

Nine Formula One teams and five manufacturers met today under the chairmanship of Prof. Burkhard Göschel of BMW to move the group's Governing Principles for Grand Prix Motor Racing Post 2007 (published February 16, 2005), forward into action.

The group's four working groups (Sporting, Technical, Legal & Media) presented their progress in developing the teams' and manufacturers' view of the sport after 2007.

The group also confirmed a timetable to develop a comprehensive blueprint for Grand Prix Racing after 2007. The target for completion of this process is later this year.

The group's chairman, Prof. Göschel said, "Today's meeting was another very positive step forward for the group, characterised by a complete consensus among all members and a universal desire to add definition to our vision of Grand Prix Racing after 2007."

He continued, "We have moved a long way forward from establishing governing principles at Cliveden on February 16 this year, to considering a number of detailed proposals today. We have also set out a specific timetable to deliver our completed vision later this year."

In the light of the group's continued work to develop a blueprint for the sport after 2007, Prof. Göschel confirmed that the teams and manufacturers would not meet with the FIA to discuss 2008 regulations on April 15. "We look forward to contributing to a constructive dialogue about the future of Grand Prix Racing in due course, but first, we need to complete the process that we have underway."