Thursday November 29th, 2001

Ferrari and McLaren are ready to compete in a breakaway Formula One Championship from 2008 rather than allow German TV company Kirch to dictate the sport, according to reports in the British press.

Kirch currently has 75 per cent of the commercial rights for the existing Championship and although the teams must honour any agreements for the next seven years they are unhappy with the situation.

Fiat chief executive Paolo Cantarella has been confirmed as the chairman of a company that will run an alternative series to Formula One if talks with broadcasting rights holders Kirch break down.

Fiat, who own Ferrari, are joined in the company by fellow carmakers Renault, BMW, DaimlerChrysler (who own Mercedes-Benz) and Ford, who all have associations with current Formula One teams.

The carmakers have already consulted with the current teams to invite them to participate in the new series, which could be averted if talks with Kirch improve the manufacturers' cut into broadcasting revenue in the future.

Published at 10:54:43 GMT

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