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Formula 1 faces breakaway crisis
The major manufacturers involved in Formula 1 have threatened to start a breakaway motor racing series if the Kirch media group's deal to buy 75 percent of F1's TV rights goes ahead.
Kirch are negotiating to buy a controlling stake of Formula 1 television rights and the media giant is known to favour pay-per-view deals for television sport.
The car manufacturers involved in Formula 1 are unhappy about the prospect of the sport being shown exclusively on pay-per-view satellite television. This will decrease the sport's global television audience and the manufacturers will get less publicity for their involvement in grand prix racing.
The car manufacturers involved, including Fiat (Ferrari), Daimler
Chrysler (Mercedes), Ford (Jaguar), Renault and BMW all have big stakes invested in F1, either as owners of teams or as engine suppliers.
At a meeting of the European Automobile Manufacturers Association (ACEA) today the chairman of the group Paulo Cantarella said: "As a
result of recent developments, and in the best interests of motor sport, it has been unanimously agreed to set up a joint company, the purpose of which will be to establish, as soon as possible, a new open-wheel
single-seat racing car series."
If the manufacturers did go ahead with the breakaway series it would effectively signal the end of the Formula 1 in its
current form.
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