Nine Formula One teams and five Manufacturers - BMW, DaimlerChrysler, Renault, Honda and Toyota have today (July 25) issued the following statement:

Nine teams and five manufacturers finalise joint proposals for future of Formula One

Agreement on key principles for 2008 Technical, Sporting and Legal framework - in line with recent FIA fan survey

Summary of proposals sent to the FIA - discussion with Governing Body planned shortly

Grand Prix Manufacturers' Association (GPMA) founded – manufacturers and teams continue working together on providing world's best sporting spectacle

Following a meeting on Saturday in Hockenheim between nine teams and five car manufacturers currently participating in Formula One, a summary of joint proposals for the sporting, technical and legal framework of Formula One as of 2008 was sent to the FIA to form the basis for constructive discussion.

The proposals have been prepared in a range of meetings since January by Technical, Commercial and Legal Executives from the nine teams BAR, Jordan, McLaren, Minardi, Red Bull, Renault, Sauber, Toyota and Williams, and from the five manufacturers BMW; DaimlerChrysler, Honda, Renault and Toyota have been working closely together.

Their thoughts and actions were driven by a number of key principles. First and foremost, to maintain and build upon Formula One's position as the number one annual sports series in the world, it should attract, excite and provide the best possible sporting spectacle and good value on a worldwide basis. Moreover, Formula One must consolidate its position at the pinnacle of motorsport, by presenting the most exciting, technologically advanced and global motorsport series. Also, a long term plan for the prosperity of the sport and its key constituents should be put in place, so that those parties which contribute greatly to the sport's success have a stable and economically viable future. The participation of independent teams will be supported and encouraged, particularly by enabling small teams to secure a stable source of engine supply.

Where possible, costs should be significantly reduced, providing that the sporting spectacle and competition is not compromised. The vision is for a fair and transparent sport with well–funded and highly competitive teams on every row of the grid, with the best drivers competing on the most exciting race tracks around the world.

Formula One has to be at the forefront of technology and continue to showcase technical innovations in line with those in the auto industry. At the same time the introduction of potentially expensive innovations should not jeopardise the commercial and sporting viability of independent teams. Cost saving is a fundamental objective for the teams and manufacturers, as it is important that new technologies can be introduced at the lowest possible price.

Considering the fact that their alliance represents 90% of the current grid, and views from key stakeholders such as circuits, broadcasters, sponsors and fans are included, the teams and manufacturers are confident that the FIA will consider their proposals carefully.

The teams and manufacturers look forward to entering into a constructive dialogue with the FIA shortly, and have therefore requested that representatives from their group will meet with the FIA President shortly.

First announced on 9 May 2005 in Barcelona, the new manufacturers' association, formally named Grand Prix Manufacturers' Association (GPMA), has now been formed by BMW, DaimlerChrysler, Honda, Renault and Toyota. The manufacturers' interests will be represented solely through this new entity, which will provide the manufacturers with an opportunity to shape the future of the sport and to provide exciting racing for its fans. Like the teams, the manufacturers hope to achieve the group's objectives within the sport.