Could it be true? http://www.ft.com/cms/s/0/29bc0f98-19c2-11e5-a130-2e7db721f996.html#ixzz3duMEvAQ5 The owner of the Miami Dolphins, the American football team, is teaming up with Qatar to take control of Formula One, in a $7bn-$8bn deal that could see the sport finally break into the US market. RSE Ventures, a company founded by the 75-year-old property and sports tycoon Stephen Ross, wants to buy 35.5 per cent of the holding company that owns F1 from Europe’s largest buyout group CVC Capital Partners. It is being backed by Qatar Sports Investments, which also owns the Paris Saint-Germain football club. Any deal would see Bernie Ecclestone, F1’s chief executive, also sell his holding of roughly 5 per cent. “My shares will be sold together with theirs,” he said. Qatar is believed to want to ultimately buy the whole of F1. Even if Mr Ecclestone does sell his shareholding, a person close to the talks said RSE was keen to keep the 84-year-old involved and had discussed the idea with him. “They believe he brings a lot to the sport and they can help expand it into the US and Chinese markets,” the person said. RSE is believed to be a few weeks away from a formal bid and in the diligence stage. CVC said it had not yet received a bid and declined to comment on the talks. Mr Ecclestone said he was not yet aware of a “deal on the table”. The FIA, the motorsport regulator, has not yet received an application to approve the transaction. The last major public attempt to buy into F1 came last year when Liberty Global and Discovery Communications tried but failed to buy a 49 per cent stake. Mr Ross is chairman of Related Companies, an international property group with more than $20bn of assets which helped to develop New York’s Time Warner Center. Mr Ross also owns the NFL’s Miami Dolphins and has been in talks over bringing a Major League Soccer team to Miami together with David Beckham. RSE Ventures, a sports and entertainment venture firm, was formed in 2012 when Mr Ross partnered with Matt Higgins, who was chief operating office of the company responsible for leading the rebuilding effort of the World Trade Center site in New York. One person connected to Qatari interests in other sports said that F1 was an obvious gap in the country’s sporting portfolio. Another person said that Qatar had accelerated its interest in F1 after being stung by the ongoing scandal at Fifa over the 2022 World Cup. Qatar believes that sport is an essential long-term commodity, like property, and Mr Ross’ team believe that F1 could be commercialised further, especially in the US. CVC has controlled F1 for nearly 10 years, but has sold down its stake, most notably in 2012 when it sold $1.6bn of equity to BlackRock, Norges Bank and Waddell & Reed. None of these three could be reached for comment It has been one of the most successful bets in CVC’s history, returning roughly five times its initial investment. But an attempt to float on the Singapore stock market in 2012 failed and there has been constant speculation over CVC’s exit ever since. At the end of last year, Donald Mackenzie, CVC’s co-founder, called F1’s most important team bosses and stakeholders to a shooting party at his estate to discuss the future of the sport. He told them that Mr Ecclestone, who was not present, had been “left alone for too long” and that he wished to bring in Paul Walsh, the former chief executive of Diageo, alongside him. But at the board meeting that followed, Mr Walsh was only left with a non-executive role. “Bernie had dinner with him and told him to piss off,” said one F1 board member. “Motor racing without Bernie would be different and Bernie without motor racing — well I think that is something he would not want. He is part and parcel of it and I do not think he could let go his involvement, even if there is a new management structure,” said Sir Jackie Stewart, the former F1 champion driver and team owner.
James Allen getting in on it too http://www.jamesallenonf1.com/2015/...qatar-backs-us-sports-mogul-in-take-over-bid/
Well, I guess we'll have to see how things develop but, on the surface, it all looks a bit 'out of the frying pan...' to me; but hey, another trophy for the Qataris. It looks ominous but thank you for posting this.
Not exactly a thrilling prospect is it? If F1 is so lucrative, the teams should walk, create their own series and keep all that lovely profit for themselves and the venues.
I believe there is truth in this rumour; there were tremors afoot, paddling the Meditteranian. However, I recently suggested F1 needs a major earthquake in order to be properly rejuvenated. And whilst I would welcome almost any earth-movement in F1, the Richter scale will only register something truly momentous when Bernie (or Ferrari and like-minded copy-cats who were also quick to grab his extra, discriminatory morsels - but especially Ferrari) is not part of the equation. As I understand things at present, if this change goes ahead, it will be more akin to a minor mud-slide with Bernie hanging on by default, since he serves the interests of pretty much any would-be investor. The Qataris and Miami connected Americans have a combination of cash and ignorance. They seek guidance whilst the guide still lives; and unfortunately - and I hope I'm completely wrong here - I do not foresee the earthquake F1 really needs so long as He is holding the reins or showing others how to use them. And on top of that, we need a proper leader to preside over the FIA, rather than one who ticked* exactly the right boxes with Bernie and Ferrari so as not to interfere... *I was tempted to suggest 'bought by', but that would be potentially libelous, especially as I do not mean it in the simplistic financial sense. Suffice to say there is an element of convenience with the current arrangement which may have been far less the case with a forward-thinking philanthropist such as Ari Vatanen.
"Making it" in China and the States, plus the inevitable Qatar GP, will surely kill off yet more European races. Agree with Cosi that I don't see it as a progressive change, but perhaps the teams can seize on a chance to improve their lot during negotiations. Or perhaps not.
I am a bit, hmm hmm, about it all, but we tend to look from our own perspective. one thing we should consider is that the Qatari's are probably not in it for the money, more for the prestige and they have far more of that to gain by turning F1 back into the sporting spectacle we rather falsely remember. Our American cousins on the other hand, I'm not so keen on
If they are in it to make the sport better then 'fair do's' If they are in it to make money then good luck
And here is Todt effectively saying that F1 and the money problems is nothing to do with him............... http://www.autosport.com/news/report.php/id/119674
they were somehow awarded the WC in 94 (I wonder how) and the first thing they did was introduce golf buggies to add to the spectacle of someone rolling around feigning injury
Did they castrate the Marathon bar in my absence? Or do you just have some kind of aversion to the almond variety?
