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New law body for F1
It will represent the interests in the battle for control of the billion dollar sport. More on F1
Five of the six manufacturers in Formula One have established a new grouping to represent their interests in the battle for control of the billion dollar sport.
BMW, DaimlerChrysler, Honda, Renault and Toyota said in a statement on Monday that the new manufacturers association had been formally established at a meeting in London on Sunday.
The new grouping had agreed to a single proposal on engine regulations and called for "new governing principles" for the sport.
The new body is likely to replace the GPWC (Grand Prix World Championship) company as the main representative body of the manufacturers in their battle for more transparency in the organisation and commercial dealings of Formula One.
The GPWC had announced plans to set up their own championship to rival F1 from 2008 but the inclusion of Honda and Toyota in the new body makes that less likely.
The GPWC included Ferrari as well as Ford, who have since pulled out of the sport, but not the two Japanese manufacturers, recent arrivals in the F1 paddock who are thought to have no interest in starting a rival series.
Ferrari, the only other engine manufacturer in the sport, are conspicuous by their absence, a situation which reflects their effective withdrawal from the GPWC by agreeing to stay in F1 past the expiry of the existing 'Concorde agreement' at the end of 2007.
Since agreeing to stick with F1 until 2012, Ferrari have been on one side of a schism in the sport with seven of the other nine teams, led by the five major manufacturers, on the other.
Independent teams Red Bull and Jordan have been biding their time.
The governing International Automobile Federation (FIA) have been frustrated in recent weeks by the refusal of any team but Ferrari to discuss changes to
Monday's statement said the manufacturers would now like to open talks.
"The manufacturers also discussed engine regulations and agreed to propose to use 2.4 L V8 engines until the end of 2008 in order to ensure stability for engines for three years," it said.
"Beyond 2008, the manufacturers will jointly develop a new engine proposal for the sport.
"The manufacturers look forward to meeting with the FIA in the near future to discuss this and other matters concerning regulations post 2007 and will continue to work in conjunction with the nine teams."
The move comes less than a week after the Honda-backed BAR team were banned for two grands prix and had their results in another race expunged by the FIA after being found guilty of a breach of technical regulations.
"Following the events of the past week in Formula One, the manufacturers again confirmed that the issue of sporting governance is central," said the statement.
"One of their objectives is to have a definitive interpretation of the applicable regulations through an independent, readily accessible and swift appeals process, administered by an internationally recognised body, in accordance with the practice of other major sports."
