Wednesday, December 7, 2005

F1: Williams drops plans for rival series (TSN)

Having lost his manufacturer backing, Frank Williams has decided it is better to do business with the devil he knows rather than the one he doesn't.

Williams F1 have become the latest team to sign on with the existing Formula One structure beyond 2008.

Williams called his decision "an important step towards protecting against a divisive split" which would undermine the sport of Formula One.

"WilliamsF1 has agreed to become a signatory to the new Concorde Agreement after confirming that the commercial rights holder, FOM (Formula One Management), had agreed to an improved distribution of commercial revenues among participating teams," read a statement released by the team. "In addition, significant progress had been made in securing important undertakings from the sport's governing body, the FIA, which will underpin the successful long term governance of Formula One."

Williams called on the other F1 teams to put the issue of a breakaway series behind them and work together with the current group to solidify and grow the sport.

... continued at link above...

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