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IMOLA, Italy, April 23 (Reuters) - The GPWC group of Formula One carmakers said on Friday they had terminated an agreement with Bernie Ecclestone and commercial rights holders on the future structure of the sport.
"Despite all reasonable efforts to implement the Memorandum Of Understanding between GPWC Holdings BV and the shareholders of SLEC Holdings, GPWC has decided to end negotiations on the future structure of Formula One," a statement said.
It added that this was due to SLEC shareholders' "failure to comply with key points agreed in the memorandum".
The GPWC groups DaimlerChrysler, BMW, Renault, Ford and FIAT.
SLEC is the holding company set up by Formula One supremo Bernie Ecclestone which is owned 75 percent by banks and controls the sport's commercial rights.