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Prodrive: another wrinkle in its F1 scheme? (LAT photo) ยป More Photos
SPEED NOTE: SPEED WILL CARRY THE CHAMPIONSHIP DECIDING F1 SEASON FINALE THIS SUNDAY AT 11:30 AM ET DETAILS HERE
In a statement released today, Prodrive denied that its negotiations to become McLaren's de facto B-team have "collapsed", but admitted that time is running out for the squad to become Formula 1's 12th team in time for 2008.
"It would be totally wrong for anyone to claim that 'negotiations between Prodrive and McLaren have collapsed'; quite the contrary," the statement said. "Both Prodrive and McLaren have, for some time, agreed on the manner in which we would establish 'the 12th team' in time for the 2008 F1 season.
"However, we have now passed our self-imposed deadline required to guarantee a competitive and professional start to next year. The delay in confirming our agreement with McLaren has been created by a challenge to our entry in next year's F1 World Championship as a non-Constructor.
"While we remain confident that the short-term issue of eligibility to race in 2008 will be resolved in our favor, it still leaves the question of longer-term stability unanswered. It is Prodrive's opinion that the financial viability of a new team will not be possible until agreement is reached on a revised
"This is required to determine the long-term rights of participation in the championship and eligibility to FOM income, on an equitable basis for all participants in Formula 1. It would therefore be totally irresponsible of us to employ all the staff required to establish the new team or commit to significant financial obligations while these uncertainties are still unresolved.
"Prodrive remain committed to participating in Formula 1. We are hopeful that the current dispute over our eligibility to race will be clarified at the ICA hearing later this month and that a 'Concorde Agreement' between the FIA, FOM and all 12 teams can be established in the near future.
"In the meantime, we will consider all our alternative options for next season."
Prodrive's plans of running a hand-me-down McLaren chassis and Mercedes engine have been challenged by Williams, and an International Court of Appeal hearing will decide on this matter later this month.
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