26/10/2004
NEWS STORY
It's widely believed that the Grand Prix World Championship (GPWC), which has remained ominously silent since April this year, when it revealed that it had terminated negotiations regarding the future of F1 "due to SLEC shareholders' failure to comply with key points agreed in the Memorandum of Understanding (MOU)" and was consequently terminating the MOU, will issue a statement today in which it will outline its plans for a breakaway championship.
It's understood that Ford, following its withdrawal from F1, is no longer a member of the GPWC, leaving Mercedes-Benz, BMW, Ferrari and Renault.
As the 2004 Formula One World Championship season draws to a close, we can look forward to a winter of discontent, as the manufacturers that comprise the GPWC draw up battle-lines, and the three banks that 'own' 75% of F1 prepare their own to challenge to Bernie Ecclestone.
In addition to the squabble over the rules, which has several manufacturers questioning their future in F1, there is the struggle for survival facing Jordan and Minardi, not to mention Jaguar's plight.
We are in for a long hard winter.