Tuesday October 22nd, 2002

GPWC Holdings BV today announced that it will submit proposals for the future of Formula One to SLEC, the company that operates the commercial rights, in the next two weeks.

The GPWC organisation, set up by the car makers who are planning the breakaway series in 2008, had previously outlined a number of key principles on which it felt motor racing would flourish.

The proposal, aimed at achieving "the stabilization of Formula One in the near future", will include demands for SLEC to provided more funds for the teams, to keep it on free-to-air television and to develop a sport that operates transparently and with a reliable regulatory framework.

Published at 15:56:35 GMT