British Formula One teams have formed a consortium to acquire the 75% stake in commercial holding firm SLEC from the fallen media company Kirch.

The group, comprised of Arrows, BAR, Jordan, McLaren and Williams, has established a company to front its effort, called GPT Ltd. The idea is for the competitors to have a controlling interest in the sport’s commercial side so they can influence pivotal decisions that affect their financial positions. This comes after talk of a cash crisis in F1 and a fierce debate about cost-cutting in the wake of the Prost collapse and Jordan and BAR reducing their staff numbers.

All these teams purchasing the 75% stake in SLEC is similar to what the major automotive manufacturers have been trying to do for several years. The group of carmakers, under European group ACEA, have been against working with Kirch because of fears that it would change broadcasting to pay-per-view. But even now with the media company disintegrating, they have still been hesitant, preferring to gear their efforts on their own open-wheeler Championship, set to start in 2008.

The teams under GPT have employed an experienced hand to act as their leader – Neil Johnson, a 53-year-old Briton who has been Director of Rover, Marketing Director of Jaguar, CEO of the RAC (Royal Automobile Club), Vice President of the FIA, and an adviser to the British PM.

He told The Times that there were many cloudy issues in Formula One that needed clearing up and hoped the new push with GPT could make that happen.

‘We have had this downward spiral in the reputation of Formula One,’ he said. ‘There has been a concern that Formula One has not been managed well and things are out of control, even on the track things have been getting repetitive and boring, and that has reached such a pitch that everybody realises something has to change.

‘Last Sunday (with Ferrari’s controversial finish) might have been the seminal moment. We have to find a way of putting Formula One back where it used to be.

‘There is too much secrecy. There was a time when that was probably quite beguiling, but it is not business reality. Everybody around this place, including (F1 Boss) Bernie (Ecclestone), keeps saying that we need this business run by businessmen, but serious businessmen won’t come near anything shrouded in the mists of closed deals that Formula One currently is.

‘Bernie has done a fantastic job, but that isn’t the point any more. We have an asset called Formula One, the value of which is — in the pessimistic view — degenerating by the race at the moment.’

Kirch’s 75% stake in SLEC is managed by the company’s creditor banks and they have expressed interest in selling. Ecclestone holds the balance but he is still F1’s decision maker.

Johnson said he also hoped that the carmakers would join GPT’s plight. They could help with the investment and then be in a position to influence F1’s commercial interests.

Johnson stressed the importance of preventing the breakaway Championship from going ahead.

‘There is a real will for the teams to sort this out, not least because it is a matter of self-preservation,’ he said.

‘If Formula One disintegrates into chaos, what are they going to do? Formula One is fundamental to their future.’