Ecclestone eyes new racing series after trademarking GP1

by Sam Matthews, Brand Republic 11-Aug-05, 14:00

LONDON – Bernie Ecclestone, the boss of Formula 1, has applied to trademark the GP1 logo as part of what are thought to be contingency plans to introduce a new motor racing series in the event of F1 dissolving in 2007.

The pan-European trademark, covering 16 categories, would include racing events, broadcasting, sportswear and trackside equipment.

If GP1 took off it could put Ecclestone's company, Formula One Promotions and Administration, back in control of the racing empire he helped build up.

As it stands, Ecclestone is chief executive of F1's operating companies, but the commercial rights are held by banks JP Morgan, Lehman Brothers and BayernLB, which own 75% of SLEC Holdings, with Ecclestone owning the remaining 25% stake.

So far only three teams, Ferrari, Red Bull and Jordan, have signed up past 2007, calling the future of the SLEC operation into question.

Added to this, teams including BMW.WilliamsF1, Renault and McLaren Mercedes have set up an organisation called GPWC and are threatening set up a rival series in 2008, after the F1 contract expires in 2007, which would give them a greater share of the sport's £600m annual revenues under new regulations proposed by governing body, the FIA.

The new brand GP1 is believed to be a rival to the GPWC series according to FIA data supplier Grandprix.com.

"The FIA will come up with new regualtions and if the manufacturers do not agree, presumably there will be a rival series put forward by the GPWC. Perhaps there will be a rival bid from GP2's notional cousin GP1," the site said last year.

FOPA declined to comment.

ITV currently holds all broadcast rights to Formula 1 until 2010, after signing a multimillion-pound, five-year deal with Ecclestone. If F1 does falter, the deal is likely to carry on with the new GP1 series.

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