Formula One breakaway takes step forward

Formula One's threatened breakaway series seemingly moved a step closer last night after all 10 teams signed up to an "Operational Agreement" for the championship.

Formula One's threatened breakaway series seemingly moved a step closer last night after all 10 teams signed up to an "Operational Agreement" for the championship.

The team managers met in Munich with representatives of the five major car manufacturers who formed the Grand Prix World Championship in 2001 and threatened to run a rival event from 2008 if they did not win a bigger share of the television revenue.

A GPWC statement read: "The meeting was part of an ongoing development process and represents a key step for GPWC and the Formula One teams towards realising their common goals: achieving long-term stability for the sport, significantly increasing team payments and creating a more transparent commercial environment."

The GPWC – established by Renault, Fiat, Ford, DaimlerChrysler and BMW, who all have links to current F1 teams – said it now planned to meet with Max Mosley, the president of the sport's world governing body, the FIA, and the Formula One head, Bernie Ecclestone. "There is no desire for any of the teams to go in a different direction but there is a definite desire to have a more equitable situation in F1," said McLaren's Ron Dennis, whose team is linked with Daimler-Chrysler through Mercedes, last weekend.