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F1 teams seeking evaluation of taking stake

Formula One Teams' Association set to take advice on bidding for slice of CVC's F1 pie.
FOTA chairman Martin Whitmarsh has revealed that F1's teams are actively proceeding with the possibility of acquiring a stake in the sport by engaging advisors to run the rule over suggestions of a buy-in.

The McLaren team boss told Britain's Independent newspaper that DC Advisory Partners had been asked to evaluate the relative risk and reward of the teams approaching commercial rights owner CVC in order to cement their involvement in the future of the sport. The company, which operates Europe-wide, will also assess other options for FOTA over the next few months, amid speculation that Rupert Murdoch's disgraced News International operation could be interested in taking over the commercial side of the sport.

CVC maintains that it is not interested in selling any of the rights it acquired in 2006, but Whitmarsh remains convinced that the time will come when the investment company will look to offload its investment..

"At the end of the day, F1 is owned by venture capitalists and one would suspect that they can't hold the sport in their funds ad infinitum," he said, before admitting that the majority of those involved in running the teams were not best placed to advise on the rights and wrongs of taking control of the sport itself.

FOTA is expected to make a bide for greater control of both the running and revenue of the sport when it comes to agreeing terms on a new Concorde Agreement at the end of next year. The suggestion that it may look to acquire at least a portion of CVC's stake was first mooted by Williams chairman Adam Parr earlier this year.




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Cobalt

September 19, 2011 12:43 PM

I cant see that buying into CVC would work. FOTA will have to pay CVC/Bernie for what they could own for free. Form the new series and leave CVC/Bernie and dodgy BBC/Murdoch deal behind.

107SS2009

September 19, 2011 6:25 PM

Formula one racing should belong to the F1 teams, the FIA doesn’t come into this as by law they cannot own or have any financial stake in F1, as Ron Dennis once said (not long ago) F1 was stolen from us (the teams) and I will add, F1 was stolen from the teams by an Englishman and given to another Englishman. And nobody should come arguing that BE made the teams rich as he did so because they were making him much, much richer. One thing is for sure, without BE F1 will still be, without CVC F1 will still be, but without the teams F1 will not be.



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