F1 News
- May 20, 2006
Bernie and the GPMA kiss and make up
Bernie Ecclestone has signed a memorandum of understanding on Friday penned by five of the sport's major car makers.
The Grand Prix Manufacturers Association (GPMA) comprising Mercedes-Benz, BMW, Renault, Toyota and Honda have signed up to F1 through until the end of 2012. This stops the threat of a manufacturer backed breakaway series.
"The manufacturers all signed it in the end," Ecclestone told autosport.com. "There were a lot of negotiations and things came to a head in the end thanks to Alain Dassas (Renault F1 president). He, along with Professor Goeschel (BMW board member), was the driving force behind getting the deal. They effectively made it happen and saw in the end that the deal made sense. We've now signed our part and it is now just a question of sending it to the lawyers."
The agreement is said to assign the teams between 50 and 60 % of the sports total revenue. This will lower the requirements of the sponsorship deals an allow the smaller teams to become a little stronger.
Now the only other debates the teams have, is the controversial 2008 rules, including the silly Max Moseley proposed 3 year engine development freeze.
