Williams pulls out of F1 breakaway threat
Motor racing stalwarts Williams have become the latest team to pull out of a threatened breakaway to the Formula One Grand Prix series.
Formula One racing faces a challenge from five major carmakers who plan to launch their own series in 2008 unless significant changes are made to the way the sport is run.
The Grand Prix Manufacturers Association, grouping Renault, DaimlerChrysler, who own Mercedes, Honda, BMW and Toyota wants better corporate governance and a bigger slice of the sport`s commercial earnings.

Ferrari, Red Bull (and Toro Rosso) and Midland had so far lined up behind F1 ringmaster Bernie Ecclestone who unexpectedly sold his commercial rights for reportedly one billion US dollars to private equity group CVC Capital Partners last month.

However, the 75-year-old is expected to continue running grand prix racing next season under a new set-up. A Williams spokesman revealed an improved offer from Ecclestone after weeks of negotiations had finally persuaded Sir Frank Williams to agree.

Tags: williams, cvc, bernie-ecclestone, rights,