A statement issued on behalf of the five manufacturers and seven Formula One teams that met outside Munich, Germany, today, indicates that all parties involved are adamant that they will stand together over the future of the sport, having signed a "binding agreement".

Indeed, International Sports and Entertainment AG (iSe) has been instructed to continue negotiations with "key parties", which means TV broadcasters, circuit owners and potential sponsors, ahead of a possible breakaway in 2008.

"The five manufacturers and the teams entered into a binding agreement to race together only in a series which satisfies the fundamental principles of a clear and equitable world championship," read the statement.

"All teams not party to this agreement are encouraged to participate in a constructive process to form the premier motorsport series.

Whilst the group remains open and willing to discuss with the commercial rights holder and the FIA on the future of grand prix motor racing beyond 2007, the current uncertainty leaves them with no option other than to progress preparatory work for the new series.

Although the team principals and manufacturers agreed that some progress was made in the recent meetings, they considered it was not sufficient to delay the preparations for the New Series.

As a result, International Sports & Entertainment AG (iSe), the company that was appointed October 2004 as an operating partner for the alliance of teams and manufacturers, will advance strategic and commercial negotiations with key parties."

A spokesman for the Grand Prix Manufacturers' Association told Pitpass on Wednesday evening that the parties involved remain open to discussion with (F1 supremo) Bernie Ecclestone and (FIA President) Max Mosley.

The three teams that have already committed to Ecclestone's new Concorde Agreement are Ferrari, Jordan (Midland F1) and Red Bull. However, the Austrian drink manufacturer has recently bought out Minardi.

There has been intense speculation in recent weeks that one or more teams, and even a couple of manufacturers, might break rank and sign up with Ecclestone. Today's statement indicates that the team and manufacturers remain resolute.