The GPWC also offered the possibility of affordable and competitive engines to those teams that signed up.

BBC: SPORT | Motorsport | Formula One | Rival series issues team pledge

The GPWC was set up by Fiat (Ferrari), BMW (Williams), DaimlerChrysler (McLaren) and Renault to safeguard the manufacturers' interests in F1.

BBC: SPORT | Motorsport | Formula One | Rival F1 series is 'not dead yet'

"Everything the GPWC set out to get, they have got, " Mosley said.

BBC: SPORT | Motorsport | Formula One | F1 teams back revolution

BMW, DaimlerChrysler, Renault, Honda and Toyota revealed their proposals for a Grand Prix World Championship (GPWC) at a meeting with nine F1 teams.

BBC: SPORT | Motorsport | Formula One | Rival series issues team pledge

The current Concorde Agreement governing F1's commercial side comes to an end in 2007, and the GPWC is hoping to establish a new series in 2008.

BBC: SPORT | Motorsport | Formula One | Rival series issues team pledge

And the company has passed on its GPWC shareholding to the other four stakeholders, although it will continue to have an input into the proposed new series.

BBC: SPORT | Motorsport | Rival F1 series names consultants

Mosley said commercial supremo Bernie Ecclestone had agreed to increase revenue payments to teams in line with what had previously been agreed with the GPWC group of carmakers before talks between the two sides broke down this month.

BBC: SPORT | Motorsport | Formula One | F1 teams back revolution

"We have been more than patient with the current management and governance of Formula One, but recent developments have underlined the need for a structure that guarantees a stable and prosperous future of the sport, " said GPWC chairman Juergen Hubbert.

BBC: SPORT | Motorsport | Rival F1 series names consultants