F1 » Liberty Media confirms F1 purchase - Mercedes-Benz Forum

 
LinkBack Thread Tools Display Modes
post #1 of 7 (permalink) Old 09-08-2016, 09:23 PM Thread Starter
CH4S Artist
 
Teutone's Avatar
 
Date registered: Sep 2004
Vehicle: 1985 500SEC, 1991 190E 2.6.
Location: Los Angeles / Hannover Germany
Posts: 33,572
Mentioned: 11 Post(s)
Quoted: 958 Post(s)
Lifetime Premium Member
(Thread Starter)
F1 » Liberty Media confirms F1 purchase

F1 News - Liberty Media confirms F1 purchase


The American firm Liberty Media has confirmed its purchase of Formula 1 for £3.3bn with Bernie Ecclestone remaining as chief executive.

The deal comes after weeks of speculation with rumours the Italian Grand Prix would be Ecclestone's final race in charge of the sport.

Yesterday, the 85-year-old said he has been asked to remain involved in F1 for three years once the purchase had been officially confirmed.

With the F1 supremo staying in place, Chase Carey – current executive vice chairman of 21st Century Fox – has been instated as the new chairman replacing Peter Brabeck-Letmathe.

The new ownership sees equity firm CVC Capital Partners sell its controlling share of the sport to Liberty Media headed by US television mogul John Malone.

Liberty Media, who also own several sports and media companies including the Atlanta Braves in Major League Baseball, will initially purchase a minority stake in F1 (estimated at £559m) before a full takeover is given the green light by regulators approving the deal.

Once the full deal is completed, Liberty Media will become the majority shareholder with 35.5% while CVC will retain a 24.7% share.

The total buyout is estimated to be at £6bn which includes the £3.1bn debt F1 current carries.

"We are excited to become part of Formula One," Greg Maffei, chief executive of Liberty Media, said. "We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders."

"I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them,” Ecclestone said.


Liberty Media President and CEO Greg Maffei added: "We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of F1 and benefit fans, teams and our shareholders.

"We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport."

Read more at F1 News - Liberty Media confirms F1 purchase
Noodles likes this.
Teutone is offline  
Sponsored Links
Advertisement
 
post #2 of 7 (permalink) Old 09-08-2016, 09:34 PM Thread Starter
CH4S Artist
 
Teutone's Avatar
 
Date registered: Sep 2004
Vehicle: 1985 500SEC, 1991 190E 2.6.
Location: Los Angeles / Hannover Germany
Posts: 33,572
Mentioned: 11 Post(s)
Quoted: 958 Post(s)
Lifetime Premium Member
(Thread Starter)
F1 » F1 teams will have chance to invest, says Liberty Media

F1 News - F1 teams will have chance to invest, says Liberty Media
Noodles likes this.
Teutone is offline  
post #3 of 7 (permalink) Old 09-28-2016, 05:07 PM Thread Starter
CH4S Artist
 
Teutone's Avatar
 
Date registered: Sep 2004
Vehicle: 1985 500SEC, 1991 190E 2.6.
Location: Los Angeles / Hannover Germany
Posts: 33,572
Mentioned: 11 Post(s)
Quoted: 958 Post(s)
Lifetime Premium Member
(Thread Starter)
Teutone is offline  
post #4 of 7 (permalink) Old 09-30-2016, 01:05 AM Thread Starter
CH4S Artist
 
Teutone's Avatar
 
Date registered: Sep 2004
Vehicle: 1985 500SEC, 1991 190E 2.6.
Location: Los Angeles / Hannover Germany
Posts: 33,572
Mentioned: 11 Post(s)
Quoted: 958 Post(s)
Lifetime Premium Member
(Thread Starter)
Teutone is offline  
post #5 of 7 (permalink) Old 09-30-2016, 01:49 AM
Moderator
 
Date registered: Jul 2005
Vehicle: 90 300E, 99 ML430, 00 ML320, 05 E500 4matic Wagon
Location: WI
Posts: 19,088
Mentioned: 18 Post(s)
Quoted: 930 Post(s)
Lifetime Premium Member
To me the most surprising thing is that the F1 is carrying £3.1 in debt. I have had to send things to MLB PR campaigns and the Braves in ATL and Liberty runs a tight ship.
They have a very impressive list of holdings worldwide.
Noodles is offline  
post #6 of 7 (permalink) Old 09-30-2016, 02:34 AM Thread Starter
CH4S Artist
 
Teutone's Avatar
 
Date registered: Sep 2004
Vehicle: 1985 500SEC, 1991 190E 2.6.
Location: Los Angeles / Hannover Germany
Posts: 33,572
Mentioned: 11 Post(s)
Quoted: 958 Post(s)
Lifetime Premium Member
(Thread Starter)
Quote:
Originally Posted by Noodles View Post
To me the most surprising thing is that the F1 is carrying £3.1 in debt. I have had to send things to MLB PR campaigns and the Braves in ATL and Liberty runs a tight ship.
They have a very impressive list of holdings worldwide.
CVC loaded the company up with debt when they probably had an eye on Sauber and Force India's complaint before the European Parliament re EU anto competition laws. They still made out like bandits (like bandits?). Force India, Sauber file complaint to EU authorities | Reuters
CVC will be happy, because they'll likely be allowed to keep the loot, the EU commissioner will be glad to not have to deal with the issue because there are now new owners, and the new owners will have to come up with a more equitable distribution of money between the teams, and it will probably be the end of most so called extra 'historical bonuses.' Ferrari received $105 mio (out of an estimated $192 mio total). Formula 1 team payments for 2016 revealed - F1 - Autosport

Liberty's appointment of managerial heavy weight Chase Carey to run the for him comparatively 'small' business says it all.

https://www.theguardian.com/business...reater-profits

Going back in time, I wouldn't be surprised if Bernie didn't see a potential exposure / calamity hanging over his head when he divested his shares to CVC.
Later we saw the German lawsuit vs Bernie which saw the banker involved in the deal go to jail (he probably can expect a nice chunk of $ from Bernie when he gets out). There were also Bernies issues with the UK taxman, which he settled out of court.
Bernie is definitely one smart cookie.
He created a lot of value. The FIA's 1% share originally worth $458.000 is now valued at $44 mio.
Teutone is offline  
post #7 of 7 (permalink) Old 10-01-2016, 02:14 AM
Moderator
 
Date registered: Jul 2005
Vehicle: 90 300E, 99 ML430, 00 ML320, 05 E500 4matic Wagon
Location: WI
Posts: 19,088
Mentioned: 18 Post(s)
Quoted: 930 Post(s)
Lifetime Premium Member
All excellent points.

I always felt Ferrari getting that much coin just for fielding a team was not fair to the other teams.

That is is a huge drop per MIO share at over a 90% drop.
Noodles is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Mercedes-Benz Motorsports & Racing

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
     
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode



    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On

     

    Title goes here

    close
    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome