The details and objectives of the GPWC
26/01/2005
NEWS STORY
Principal Objectives
To establish a framework for Grand Prix Motor Racing which:
- Retains Grand Prix Motor Racing’s position at the pinnacle of motorsport
- Provides the basis of a long term plan for the prosperity of Grand Prix Motor Racing and all its stakeholders, including teams, sponsors, and circuits
- Supports and encourages the participation of independent teams through technical assistance and engine supply
- Attracts, excites and provides good value to fans globally
- Is open, transparent and fair in commercial, technical and sporting governance
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Technical Format
- Rule stability to encourage innovation, cost control and economic certainty.
- To maintain Grand Prix Motor Racing as the most advanced motor racing formula
- Sufficient opportunity and technical freedom for teams, engine manufacturers and suppliers to use the sport to showcase their technology through differentiation and innovation and to challenge their engineering skills.
- To eliminate high cost technologies which do not provide differentiation or have relevance to other industrial sectors.
- To provide a safe environment for drivers, spectators, team personnel and race officials.
- To reduce costs in a structured and well planned manner that does not surprise the teams or result in unforeseen consequential costs.
- To evaluate cost cutting proposals in the wider context of the sport’s appeal to its fans and balancing them with the requirements of the technical challenge.
- To achieve fastest lap times on any grand prix motor racing circuits.
- To include technologies relevant to current and future mainstream road cars.
- Driver skills should remain a differentiating factor.
Sporting Framework
- To entertain, excite and attract spectators, viewers and sponsors
- To attract the best available drivers, circuits and team personnel in the world.
- To maintain perception of sporting “purity” with no artificial handicapping.
- To ensure results are instantaneous and available immediately.
- To reward good teamwork.
Commercial and Sporting Governance
- To provide substantive fairness for all competitors and other stakeholders in respect of all aspects of the sport including sporting, technical and commercial matters.
- To ensure transparent governance and financial structure for the sport.
- To maintain a professional management team with clear succession plans.
- To have a fair and open system for rule determination that only allows changes to be made against objectively defined criteria.
- To have a readily accessible and swift appeals process administered by an internationally recognised independent body.
- To provide a significantly greater and more equitable share of the total revenue generated by the sport to the participating teams.
- To ensure that all revenue related to the sport including circuit signage, race title sponsorship and fees for hosting Grands Prix are included in the division of funds.
- To expand the overall revenue coming into the sport through optimum exploitation of the various commercial rights.
- To ensure that all stakeholders deal with each other and conduct themselves with mutual respect and do not act to the detriment of the interests of the sport.
- To ensure access to the sport on free to air TV on a worldwide basis in order to reach the broadest possible audience.
- To provide better television coverage for the viewers and improve and expand the media technologies through which the sport is made available.
- To significantly improve the quality of the live TV feed.
- To expand the sport into new markets through increased TV coverage and different Grand Prix venues.
