Formula One racing teams today took a further step
toward launching a rival world Grand Prix championship series by setting up a joint company to put the project in place.
Fiat managing director Paolo Cantarella, speaking in his capacity as Chairman of the European Carmakers Association (ACEA) said that "all manufacturers presently involved in Formula One racing" had agreed unanimously to set up the joint company.
This company will be charged with establishing as soon as possible "a new open single seat racing car series," his statement said.
AFP
