Post by blacktulip on Sept 15, 2011 15:46:08 GMT
The Formula One Teams’ Association has hired an advisory group to look into the possibility of the umbrella organisation buying a stake in Formula 1.
According to a report in Thursday’s The Independent, FOTA chairman Martin Whitmarsh confirmed that pan-European firm DC Advisory Partners had been selected to look at the potential of the teams approaching F1’s current commercial rights owner CVC along with assessing other options over the forthcoming months.
The future of F1’s commercial rights has been the subject of regular speculation in recent months since media conglomerate News International confirmed in May that it was teaming up with Italian holding company Exor to work on a possible takeover bid.
CVC, which took majority control of the sport’s commercial rights in 2006, has insisted that it is not currently looking to sell but Whitmarsh suggested the nature of their business meant the firm would one day look to move its stake on.
"At the end of the day, Formula 1 is owned by venture capitalists and one would suspect that they can't hold the sport in their funds ad infinitum," he was quoted as saying by the newspaper.
FOTA has made no secret of the fact that it will push for more influence and a greater share of the sport’s revenues during the next round of Concorde Agreement negotiations, the current tripartite agreement which binds the sport together set to expire at the end of next year.
Under the current agreement teams currently receive half of all of F1’s commercial revenues but are likely to push for an increase to around 75% from 2013.
According to a report in Thursday’s The Independent, FOTA chairman Martin Whitmarsh confirmed that pan-European firm DC Advisory Partners had been selected to look at the potential of the teams approaching F1’s current commercial rights owner CVC along with assessing other options over the forthcoming months.
The future of F1’s commercial rights has been the subject of regular speculation in recent months since media conglomerate News International confirmed in May that it was teaming up with Italian holding company Exor to work on a possible takeover bid.
CVC, which took majority control of the sport’s commercial rights in 2006, has insisted that it is not currently looking to sell but Whitmarsh suggested the nature of their business meant the firm would one day look to move its stake on.
"At the end of the day, Formula 1 is owned by venture capitalists and one would suspect that they can't hold the sport in their funds ad infinitum," he was quoted as saying by the newspaper.
FOTA has made no secret of the fact that it will push for more influence and a greater share of the sport’s revenues during the next round of Concorde Agreement negotiations, the current tripartite agreement which binds the sport together set to expire at the end of next year.
Under the current agreement teams currently receive half of all of F1’s commercial revenues but are likely to push for an increase to around 75% from 2013.