Highlights

F1 carmaker teams sign up for 2008

(Reuters)
Updated: 2006-03-28 09:49

The GPMA have threatened to set up their own series from 2008 unless they get a far greater share of the revenues, greater transparency in the way the sport it is run and guarantees of equal treatment for all.

However they have said a deal is close and the threat of their own series has increasingly been seen as a mere bargaining chip. Monday's announcement will only add to that feeling.

Six other teams, including Ferrari and Williams, powered by Cosworth this year, have already committed to the FIA championship beyond 2007 and there remains a possibility of new teams also seeking to join.

The FIA added to the rules controversy on Monday with a separate statement announcing that they had agreed with Renault, Ferrari and independent engine maker Cosworth on proposals for a five-year engine freeze from 2008.

The governing body said those present would also seek to change the 2007 sporting regulations to bring forward the 2008 proposals.

The engine regulations changed this season, with teams using 2.4 litre V8 units instead of 3.0 litre V10s. So far, champions Renault have shown the greatest reliability in winning the first two races.