F1 bosses to meet

Formula One team bosses have been invited to a meeting before the start of the season on March 6 to hear about plans for a rival world championship.

The Grand Prix World Championship company is threatening to launch a new series in 2008 unless teams are given a greater share of F1 profits.

“We’re progressing into the key areas the new series needs to have in place to start on time,” a spokesman said.

“We’ll present them to team principals for their input and approval.”

Representatives of key circuits - including Hockenheim, the Nurburgring, Magny-Cours and Monza - have either met GPWC representatives or are in discussions.

Carmakers Fiat (Ferrari), DaimlerChrysler (Mercedes), BMW and Renault control GPWC, which was set up to fight for their rights.