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Wednesday, 07 December 2005 |
Williams with Formula One until 2012
Williams have decided their future is with Formula One until 2012 and
signed an extension of the Concorde Agreement. Williams were part of a
manufacturers' group threatening a breakaway championship, but have
joined Red Bull, Ferrari and Midland in signing up.
A Williams spokesman said a better offer from F1 supremo Bernie
Ecclestone had persuaded team owner Sir Frank Williams to agree to the
deal. The Concorde Agreement governs the commercial running of F1.
The agreement, which runs out in 2007, sets out how revenues after distributed among the teams.
But five manufacturers, BMW, DaimlerChrysler, Renault, Toyota and
Honda, have refused to sign the extension and are threatening a
breakaway in 2008.
They are all asking for better corporate governance and for a better share of the sport's commercial earnings.
Sir Frank Williams said he wanted to end the bitter battles within the sport.
"The manufacturers and teams have been a catalyst for a number of
far-reaching changes to the economics and administration of Formula
One," Sir Frank Williams said.
"We believe that the time has now come for everybody to remove the
damaging uncertainty hanging over our sport and to commit to F1 after
2008.
"I hope our decision will encourage the remainder of the Formula F1
community to join us and resolve any final details by working together.
"We all have a duty to avoid a damaging split in our sport and I
believe the undertakings we have provide a fair basis for bringing
everyone together in the interests of the sport."
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