Peace formula

THE threat of a Formula One rival series has ended after five ‘rebel’ teams reached a peace deal to remain in the championship long-term.

The five teams, McLaren, Toyota, BMW Sauber, Honda and Renault, who were all unhappy with how much money they received from Formula One’s commercial rights, threatened to set up and run their own championship from 2008. However, they signed a deal with the Formula One Administration (FOA) to end worries over a breakaway.

The deal, which is believed to involve the teams, will lead to the signing of a new Concorde Agreement — the document by which Formula One will be run from 2008 until 2012. All that remains is for Donald McKenzie, who represents Formula One’s commercial rights holders, the CVC group, to sign the document.