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Leading car manufacturers confirmed that they will definitely be launching a rival series to the current Formula One championship beginning on the first of January, 2008, at the latest. In a statement released by Italian manufacturer Fiat, the five major constructors would encompass the same type of cars in races, signing up for the new venture, to be headed by Fiat chief executive Paolo Cantarella earlier today."We have approved the principles and scope of the company which will set up the new premier global open wheel single seat motor racing series which will start operating not later than on January 1, 2008," the statement read.The agreement has been signed by the five leading manufacturers in the current Formula One championship, BMW, Fiat, Ford, Mercedes (Daimler-Chrysler) and Renault, all of whom are members of ACEA, the Association of European Carmakers. The statement also said that the proposed company was due to be established in the next few days, and would welcome constructors wishing to throw their hat in with the five who have already signed. The presidency will rotate every year.The statement added that the manufacturers'' goal was to "promote the interest of the sport, to make sure the races are made freely available to the broadest possible public worldwide and that the income generated benefits mainly those who invest in order to render the competition possible, i.e. the manufacturers and the independent teams."The decision to form a new company constitutes the latest episode in the conflict between ACEA and German media magnate Leo Kirch. In December the Kirch group, through intermediary EM.TV, took a 75- percent controlling stake in Slavica Ecclestone Corporation (SLEC), the stake formerly held by British Formula One maestro Bernie Ecclestone who holds all Formula One commercial rights until 2010.After the buyout ACEA immediately expressed their opposition, fearing that Kirch intended to begin screening Grand Prix races on the Kirch group''s pay-per-view TV channel, Premiere World. Constructors fear this would lead to a loss of advertising revenue, which is currently generated by showing Formula One on terrestrial channels.