Grand Prix World Championship

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The Grand Prix World Championship (GPWC) refers to a number of proposed alternative world championship auto racing series to rival or replace Formula One.^{[citation needed]} Founded in 2001, the GPWC was created as a tool to assist the companies in bargaining with Bernie Ecclestone for an agreeable extension to the 1997 Concorde Agreement, the contract by whose terms the teams compete in Formula One.