14/05/2006
NEWS STORY
In the wake of this morning's news from Barcelona, the Grand Prix Manufacturers Association has issued the following statement:
"Following a meeting in Barcelona between representatives from the Grand Prix Manufacturers Association (GPMA), a Memorandum of Understanding on the commercial structure of Formula One, as developed between CVC, FOA and the GPMA, was unanimously agreed and signed by representatives from the five GPMA teams BMW Sauber, Honda GP, McLaren Mercedes, Renault F1 and Toyota Racing.
The GPMA teams are committed to Formula One until 2012, and look forward to the commercial rights holder accepting the terms agreed today.
The Memorandum of Understanding provides the basis for a new Concorde Agreement between FOA, the FIA and the teams, and should help progress the sporting, technical and governance discussions with the FIA.
Prof. Burkhard Göschel, Chairman of the Grand Prix Manufacturers Association, said: "Today's MoU constitutes a comprehensive solution for the future of the sport. We can build on this result and look forward to jointly grow Formula One and make it an even bigger sporting spectacle than ever before."