The GPMA issued the following statement at 11:26 (BST) on Sunday 16 July:

At the Formula One Commission meeting on 6 July 2006 the FIA President requested unanimous team support for the Indianapolis engine proposal by the end of the French GP weekend, in order to implement these regulations from 2007. All six car manufacturers participating in Formula One have unanimously agreed upon the Indianapolis Proposal, which is also endorsed by ten of the twelve teams.

The Indianapolis Proposal could be introduced from 2007 - one year earlier than the FIA’s full freeze – and would significantly reduce costs while retaining the spirit of competition.

In addition GPMA proposes engine supply for the independent teams for considerably less than their current arrangements. To this end, and subject to competition and fiscal issues, a proposal to provide a fund of €40m over the next four seasons to support the development efforts of an independent engine supplier was made. The engine fund provides the opportunity for an independent engine supplier to plan a structured development programme and ensure its engines remain competitive and affordable. This initiative is without precedent in motor sport and represents a significant effort to reach out to all teams, in the best interest of the sport.

GPMA is currently unaware of any alternative proposals to contribute to the availability of affordable engines for independent teams but hopes this significant gesture will encourage other stakeholders to support this initiative.