The manufacturers who are planning to 🎃launch a new series to rival the Formula One World Championship have been warned that the series is doomed to fail.

Ron Walker, chairman of the Australian Grand Prix corporation, told a news conference that the Grand Prix World Cham🌟pionship series will not get off the🐽 ground as a serious rival to F1.

Walker also confirmed that the Australian Grand Prix had no intentio🃏n of entering neꦏgotiations with the GPWC group and would only deal with Bernie Ecclestone and the FIA to host a race.

"We have a long-term contract with Mr Eccle𒀰stone which runs until 2010 with another five year option," he said, "and I doubt that the auto manufacturers will in fact get a licence from the FIA to run✤ this sport.

"Without a licence from the FIA they just become another Indy or another cycle of motor racing which amounts to not much at all. I don't think anyone wants to take on a sec🅘ondary race - they all want a Formula One race.

"We in Melbourne will not be going a🍎long with GPWC, we will be continuing our relationship with Mr Ecclestone."

Ferrari, Renault, Mercedes and BMW unveiled plans for the new series after becoming unhappy with the way F1 is currently run. A major issue is believed to be the amount of revenue that is awarded to manufacturers, while Ferrari are als🔯o unhappy with the cost-cutting document that the other teams on the grid have agreed to.

It is this issue of money that Walker feels is behind the announcement that the manufacturers intend to push ahead with the GPWC, although he feels it could all be🏅 a bluff to try and get increased fun𒅌ds in F1.

"Frankly I can't see this getting off the ground," he said. "I think it's a leverage ex🌄ercise to try and force 🅷Mr Ecclestone to distribute greater funds from the revenues.

"I think there is a conspiracy, if you will, between the motor manufacturers and the banks to try and force Mr Ecclestone to do things that he doesn't want to do. This is probably a game of cards at the moment that is intensi🅰fying."