the FIA have weighed in on the sale of majority interest in Formula 1 saying:
The FIA was obviously not party to the negotiations surrounding the intended sale. As such, the Federation awaits further information regarding the proposed terms of the transaction and welcomes the opportunity to discuss with all parties the possible consequences of this agreement on the promotion of the FIA’s flagship championship.
Commenting on the sale, FIA President Jean Todt said:
“While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses. As motor sport’s governing body and regulator we acknowledge Liberty Media’s wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world.”
There’s not a lot here other than the FIA stating they weren’t privy to the discussions or details and they are, effectively, asking to see the details. It also, in my opinion, seems rather endorsing regardless of the lack of details.
In many ways, Liberty Media is different than CVC. CVC is an investment group and Liberty Media, while investing, is a media group one would suppose is thinking longer term than CVC.
I’ve read commentary about how Liberty will take F1 to all-new height sin America and how it will revolutionize digital platforms for F1. That may all be true but F1 boss Bernie Ecclestone was clear when he said that regardless fofo the differences, Liberty Media was no different than CVC:
“I don’t know why anybody criticised CVC because they were shareholders, they weren’t management,” Ecclestone said.
“They bought the company to make money, and that will be the intention of Liberty.
“They’re not looking at it as a hobby, so it’s no different to CVC.
“But I’m really hoping this deal is still going to be beneficial for Formula 1.
“Everyone seems positive and happy with this deal, and I fall into that group.”
The quote is from AUTOSPORT and was made before the deal was announced. Perhaps he still feels the same, who knows? We;ll have to wait and see what differences Liberty Media has in mind.
Hat Tip: AUTOSPORT