F1 Teams Boycott FIA Meeting
(Akron/Tire Review) Associated Press has reported that nine Formula One teams and five F1 car manufacturers will boycott a meeting this week with the FIA in another move interpreted as increasing their bid for a new grand prix series.
FIA’s meeting on 15 April was reportedly called to discuss 2008 race season regulations. The only race team and constructor committed to attending the meeting is Ferrari, which signed a multi-year deal to remain in F1.
The five other constructors boycotting the meeting include BMW, Mercedes, Renault, Toyota and Honda.
The boycotting constructors have been eying the creation of their own world championship series, reportedly fed up with the leadership of FIA head Max Mosely and F1 chief Bernie Ecclestone, and arguing that the teams should be receiving a greater share of the commercial rights income generated by F1.
Currently, according to the report, teams receive just 23 per cent of all commercial revenue generated by the series, while Ecclestone and his controlled companies, which, among other things, owns the global television rights to all F1 races, gain the lion’s share of the nearly $1 billion the series pulls in each year.