company was registered in the Netherlands and Cantrella served as the chairman of the GPWC. The car manufacturers were all originally committed to remain Formula One motor racing for the long-term. Formula One team principals (excluding Arrows team principal Tom Walkinshaw) were introduced to the GPWC in a presentation held in Geneva on 27 November 2001. GPWC contacted German media group Kirch Media, saying that if the media outlet was unable to increase the share of Formula One commercial rights payable to existing teams, GPWC would form their own independent rival racing series in 2008. The car manufacturers proposed a $50 million one-off advance to Ferrari in an effort to join the GPWC with an additional bonus of 4% from commercial revenue. Kirch Bankers offered the car manufacturers a 30% stake in their business with the condition that plans for the rival series were dropped. A reorganisation occurred in June 2002 when Cantrella resigned and was succeeded by the head of the car division of DaimlerChrysler Juergen Hubbert. The president of Ferrari Luca di Montezemolo would represent Fiat with Group Vice President-Global Product Development of Ford Richard Parry-Jones taking over from Reitzle's position after leaving in May 2002. The future of the GPWC was cast into doubt in mid-January 2005 when Ferrari, FIAT's F1 team, announced it had secretly come to terms with Ecclestone and signed an extension to the Concorde Agreement for a one-off payment amounting to 100 million dollars (US). Ecclestone expressed his expectation that the remaining teams would shortly follow suit despite the initial 40 million dollar (US) offer being retracted. However, at around the same time Honda and Toyota showed interest in working together with GPWC. Proposed 2010 breakaway series Following the FIA's announcement of unilateral rule changes for the 2010 season including voluntary budget limits, the FOTA teams had threatened to pull out of Formula One. On 18 June 2009, FOTA confirmed that they were to form a breakaway series starting in 2010. The teams were quoted saying "We've no alternative than to commence preparation for a new championship," following their four-hour-long meeting. The FIA responded to the teams' move in a statement, saying: "We are disappointed but not surprised by FOTA's inability to reach a compromise in the best interests of the sport." On 23 June 2009, FOTA took the threat further by leaking a provisional calendar for a breakaway series in order to