Williams pulls out of F1 breakaway threat
Motor racing stalwarts Williams have become the latest team to pull out of a threatened breakaway to the Formula One Grand Prix series.
Formula One racing faces a challenge from five major carmakers who plan to launch their own series in 2008 unless significant changes are made to the way the sport is run.
The Grand Prix Manufacturers Association, grouping Renault, DaimlerChrysler, who own Mercedes, Honda, BMW and Toyota wants better corporate governance and a bigger slice of the sport's commercial earnings.
Ferrari, Red Bull and Jordan, who become Midland next year, had so far lined up behind F1 ringmaster Bernie Ecclestone who unexpectedly sold his commercial rights for reportedly one billion dollars to private equity group CVC Capital Partners last month.
However, the 75-year-old is expected to continue running grand prix racing next season under a new set-up.
A Williams spokesman revealed an improved offer from Ecclestone after weeks of negotiations had finally persuaded Sir Franks Williams to agree.
Williams' Team Principal Sir Frank Williams said: "The manufacturers and teams have been a catalyst for a number of far-reaching changes to the economics and administration of Formula One.
"We believe that the time has now come for everybody to remove the damaging uncertainty hanging over our sport and to commit to Formula One after 2008.
"I hope our decision will encourage the remainder of the Formula One 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 from FOM and the FIA provide a fair basis for bringing everyone together in the interests of the sport."