Friday March 1st, 2002

Five of the carmakers involved in Formula One announced today in a statement they have made another step towards setting up an independent rival motor racing series, as of 2008.

In a statement made by GPWC - the company co-owned by BMW, Daimler-Chrysler, Fiat, Ford and Renault - the company says they have contacted today the 16 promoters and to 22 circuits involved in Formula One, to confirm the decision taken to create an open wheel single-seater series with effect not later than 2008.

"The purpose of the letter sent is also to establish direct contact with the interested
organisations, with a view to formulating plans for a championship schedule," the statement said.

Published at 19:10:57 GMT