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

Ron Walker, chair♓man of the Australian Grand Prix corporation, told a news conference that the Grand Prix World Championship series will not get off the ground as a serious rival to F1.

Walker a🎉lso c🦂onfirmed that the Australian Grand Prix had no intention of entering negotiations 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 Ecclestone which runs until 2010 with another five year option," he said, "and I doubt that the auto manuf🍎acturers 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 secondary race - they all want a Formula One race.

"We in Melbওourne will not be goౠing along 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 also unhappy with the cost-cutting document that the other teams on the grid have agreed to.

It is this issue of money that Walker f๊eels 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 funds in F1.

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

"I think th🐓ere 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 intensifying."