Ferrari president Luca di Montezemolo has said that F1 needs Bernie Ecclestone even more now, following news that a settlement has been reached to stop the manufacturers' forming a rival single-seater series - the GPWC.

Speaking to British newspaper, The Guardian, Montezemolo commented: "It is too early for many details. But we need Bernie Ecclestone even more to run the business because the business is owned by the banks."

Ecclestone has been the key to transforming F1 into its current state, which according to Reuters generates around $400 million in revenue each year.

Following the agreement between SLEC - the Bernie Ecclestone formed company that controls the commercial rights to the sport, now 75 per cent owned by bankers JP Morgan, Lehman Brothers and Bayerische Landesbank - and the carmakers, F1's future looks safe, with the carmakers set to secure more of the profits.

Montezemolo added: "We [the car manufacturers - Ford, BMW, DaimlerChrysler, Ferrari and Renault] will be completely transparent and we hope by the end of the year that there will be a clear picture [of F1 finances], because there are many big issues including television rights, ticket sales, circuit signage and other forms of advertising.

"We want revenues from all three areas and hope that by the end of the year GPWC [Grand Prix World Championship], Bernie Ecclestone and the banks will make it all official."

 

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