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Teams being offered commercial rights shares

  • Published on 28 Dec 2016 14:40
  • comments 0
  • By: Dominik Wilde

New Formula One owners Liberty Media are offering shares in the sport but not voting rights.

That is the claim of Germany's Auto Motor und Sport which claims that Liberty Media are keen for teams to take a 20% stake in the sport's commercial rights.

"Liberty has good reasons to invite the teams," Schmidt wrote. "Shareholders will not leave overnight.

"But the deal has a catch. Although the teams will benefit from the earnings and will get a seat on the board, they will not vote.

"When it comes to new strategies, regulations, marketing campaigns, the distribution of money or the appointment of the CEO, Liberty will not include the teams," he added.

It is believed teams have until January to decide whether to go ahead with the involvement.

Liberty Media's purchase of Formula One continues to leave a cloud hanging over the future of F1 supremo Bernie Ecclestone.

F1 legend Sir Jackie Stewart told the Swiss newspaper Sonntagsblick: "There will never, ever be another Bernie Ecclestone.

"He is unique in the whole world of sport -- no man has ever made as much money, for himself and for everyone else."

"Liberty needs to find a solution," he said.

"When Pete Rozelle died, everyone thought it was the end of the NFL. But it grew even bigger and better, because the new people brought a different culture and new methods.

"But at the moment there are not many things you can do (in F1) without Bernie. If he cooperates with the new owners, it will be great, including for the fans, who must move back into the foreground," Stewart added.

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