Ecclestone secures F1 deal

A deal has been reached to secure Formula One’s future after Bernie Ecclestone and the five rebel manufacturers agreed terms.

McLaren boss Ron Dennis revealed in Barcelona today that all five members of the Grand Prix Manufacturers’ Association are now prepared to sign up to Formula One for 2008 and beyond.

They had held out for more money and a greater say in how the sport is run and talks have now reached an amicable conclusion with Formula One commercial rights holder Ecclestone.

Dennis confirmed: “All GPMA members are now prepared to sign.”

That deal could be rubber-stamped later today when Donald McKenzie, head of Formula One owners CVC Capital Partners, arrives in the paddock for the Spanish Grand Prix.

Today’s news confirms the shape of the Formula One grid post 2007, when the ruling Concorde Agreement expires.

All 11 current teams will stay on in the sport, to be joined by David Richards’ Prodrive company.