Motorsport: Ferrari abandon F1 rival series plan

LONDON - World champions Ferrari abandoned plans for a rival Formula One series today with a surprise deal to extend the sport's existing commercial agreement until 2012.

FIAT-owned Ferrari are founder members of the GPWC (Grand Prix World Championship), set up by carmakers planning their own series after the 'Concorde Agreement' expires in 2007.

"I don't think it's the end of the GPWC but it is the end of them starting a separate championship, I can tell you that," Minardi boss Paul Stoddart said.
Ferrari are the only team to have been in Formula One since the first championship in 1950. Their support is deemed crucial in any power struggle.

In a statement issued with the governing International Automobile Federation (FIA) and Bernie Ecclestone's Formula One Management, they made their allegiance clear today.

"Further to discussions regarding the long-term development of the FIA Formula One world championship, the FIA, Formula One Management (FOM) and Ferrari have agreed to prolong the Concorde Agreement for the period 2008 to 2012," they said.

FIA president Max Mosley said the prolonged agreement "will ensure the future development of the FIA's most important championship".

Bernie Ecclestone, the commercial rights holder who is facing legal action from shareholder banks, added: "Formula One Management are delighted that this agreement is in place and that the future of Formula One has now been stabilised."

Ferrari president Luca di Montezemolo, who has repeatedly called for the teams to get a far greater share of Formula One's revenues, hailed a "strong message of stability for the future of Formula One".

"This agreement is in line with what Ferrari had hoped for, for a long time," he added.

- REUTERS