Ecclestone to kill breakaway series by weekend

UPDATE #2 McLaren boss Ron Dennis believes the row over F1's future will be settled, avoiding any breakaway series threat. McLaren are one of five teams who have so far refused to commit to F1 beyond the 2007 season in a row over money and the way the sport is governed.

"Our objective has always been to find a way forward that works for everyone. "I think everyone in F1 will be in F1 in 2008 on the basis of this issue."

"If Formula One exists we want to be in Formula One. "We are not going to put ourselves in a position where we don't compete." BBC Sport

03/08/06 A breakaway group of F1 teams -– Renault, Mercedes, BMW, Toyota and Honda -– are “closer than ever" to an agreement to remain in the series when the Concorde Agreement expires after the ’07 season, according to Kevin Eason of the London Times. F1 Management Chair Bernie Ecclestone is “prepared to dilute his power over [F1] and double payments to the teams, if it means that they will stay within his lucrative fold." Ecclestone is expected to make “hefty increased payments" to the teams beginning in ’08, as well as “allow them two representatives on the board that makes crucial decisions" over the series’ future. A spokesperson for the teams said, “We are more optimistic than we have been for a long time." Meanwhile, Eason notes Ecclestone is “in the middle of an effort to tie up a deal for future ownership with CVC, one of the biggest sports marketing businesses in the world" London Times

03/06/06 The threat of a rebel group setting up a breakaway series to rival Formula One is expected to be averted this week. An agreement should be reached between F1 commercial rights holder Bernie Ecclestone and the five members of the Grand Prix Manufacturers' Association, who want a greater say in the running of the sport and are unhappy about the distribution of revenues.

Ecclestone said: "I would be surprised if all the issues between us are not settled before the race in Bahrain [on Sunday]. What we can agree on the technical side is dependent on how much money they want to save, but they will save a huge amount without adversely affecting the technical excellence of F1. It will remain the pinnacle of motor sport.

"We cannot continue to look as if this sport is a battle of the biggest budget. That way, at current spending, will ruin the sport and the companies. There is a point, probably long since past, when the cost of trying to win races and the championship outweighs the value of being successful. I think there is a mood of conciliation now. The teams will earn double what they got before." Telegraph.co.uk