Formula 1: Threat to set up rival F1 series

DaimlerChrysler board member Juergen Hubbert says car manufacturers could set up a motor racing series to rival Formula One.

Hubbert warned that the big firms are ready to start a new format if their interests are not properly satisfied within the current sport.

Hubbert spoke of the manufacturers' desire to take a stake in F1 holding company SLEC.

The move by DaimlerChrysler, whose Mercedes-Benz division supplies the engines for McLaren racing cars, follows media company KirchGruppe's acquisition of a majority holding in SLEC earlier this year.

Hubbert said: "Without the manufacturers taking part, Formula One is merely a circus."

He added that the manufacturers were "in agreement and have the will to create something ourselves in the case of no sensible solution being found."

Hubbert added: "We have the power, and would be ready to channel this strength in another direction."

Others believed to be interested in acquiring a holding in F1 include Fiat, the parent company of Ferrari, and Jaguar owner Ford.