McLaren threaten F1 exit

McLaren have threatened to withdraw from Formula One in 2008 unless their demands for a larger share of the sport’s income are met.

They and a number of other teams are known to be unhappy about the current distribution of wealth within F1, and the idea has been mooted that a rival championship could be set up after the 2007 season.

All the teams, bar Ferrari who have signed up until 2012, are contractually tied to race in Formula One until the end of 2007.

McLaren is not the only team with misgivings about extending that arrangement under its current conditions.

There is a belief that teams should be entitled to a far greater share of the sport’s revenue than they currently receive, and the Grand Prix World Championship group, who are behind the proposed breakaway, have pledged to commit a higher percentage.

McLaren chairman Ron Dennis said in the Guardian: “We want to be in a position whereby we do not have to take part in formula one from 2008. We want to have the choice to take McLaren out of formula one.”

Ferrari’s deal with F1 chief Bernie Ecclestone had been thought to spell an end to talk of a breakaway series but the GPWC group confirmed this week they were pressing ahead with those plans.

Ecclestone recently offered a £1billion payment to convince the group to sign up with him but GPWC have pressed for unity in the face of his moves.

McLaren chief executive Martin Whitmarsh was impressed by the commercial terms proposed by GPWC this week.

“Any rational person would have had to find overwhelmingly in favour of their standpoint,” he said.