F1 rebels agree new series plan

Following a meeting in Munich between BMW, DaimlerChrysler, Honda, Renault and Toyota, together with seven grand prix teams (BAR, McLaren, Minardi, Renault, Sauber, Toyota and Williams), the manufacturers "have agreed to enter into a binding agreement to race together only in a series which satisfies the fundamental principles of a clear and equitable World Championship." They are encouraging all teams not party to the agreement to participate in a constructive process to form the premier motor sport series.

"Whilst the group remains open and willing to discuss with the current commercial-rights holder [Ecclestone] and the FIA [Mosley] the future of grand prix motor racing beyond 2007," a statement continued, "the current uncertainty leaves them with no option other than to progress preparatory work for the new series."

The announcement will not please Ecclestone and Mosley, who have Ferrari, Jordan and Red Bull lined up as signatories to a new Concorde Agreement for 2008 and beyond. Minardi will fall into line when ownership is transferred to Red Bull on 1 November.