26 January: Following Ferrari's decision to extend the Concorde Agreement with the FIA and FOM until 2012, it was widely believed that the proposed rival series (GPWC) set up by the Manufacturers wouldn't go ahead and the rest of the manufacturers would follow suit. However it appears that the Manufacturers (BMW, DaimlerChrysler and Renault) are still proceeding with their plans and today they secured the backing of Honda and Toyota as they announced their vision of the sport beyond 2007.

The Manufacturers issued the following statement:

Manufacturers Unanimous on the Future of Grand Prix Racing

London. The manufactures BMW, Honda, Mercedes-Benz, Renault and Toyota met today together with their associated teams in order to discuss their views regarding the future for Grand Prix Motor Racing beyond 2007. Following a far reaching, broad and open discussion, all participants have unanimously agreed upon a comprehensive set of governing principles which they believe represent an appropriate framework for the sport.

The principal objectives are to establish a framework for Grand Prix Motor Racing which:

retains Grand Prix Motor Racingï¿½s 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.

Details and supporting objectives are attached.

The manufactures agreed to engage all of the teams in dialogue regarding these governing principles and endeavour to ensure that detailed regulations can be prepared which meet the principal objectives identified in the attached summary.

The manufacturers support the approach and look forward to participating in the process recommended by the teams in their letter of January 25, 2005 to the FIA.

Governing Principles for Grand Prix Motor Racing Post 2007

Principal Objectives

To establish a framework for Grand Prix Motor Racing which:
retains Grand Prix Motor Racingï¿½s 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; and
is open, transparent and fair in commercial, technical and sporting governance.

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 sportï¿½s 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 ï¿½purityï¿½ 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.