Date:Wednesday May 4 2011
Two weeks ago the first report's of Rupert Murdoch's News Corp plans to purchase Formula One began to surface.
At that stage reports suggested that News Corporation had held preliminary talks with potential partners about forming a consortium to buy Formula One.
Mexican billionaire Carlos Slim (who sponsors the Sauber team) was linked, as too was a major car manufacturer, which had been reported to be Ferrari.
While it was suggested that talks had been held with potential partners, they had not made an official approach to F1's owner CVC Capital Partners at this stage, while Formula One supremo Bernie Ecclestone, was also quick to distance himself from the suggestions that the sport was for sale: 'It's rubbish. The sport is not for sale. And, anyway, we would not sell to a media company because it would restrict the ability to negotiate with other broadcasters,'
But any thoughts that those comments would bring an end to the story were dashed yesterday, when News Corporation and Italian investment firm Exor (who have close links to Fiat, who of course are Ferrari's parent company) officially announced their intention to hold talks with Formula One stakeholders.
'EXOR, one of Europe's largest listed investment companies, and News Corporation, the global media group, confirm that they are in the early stages of exploring the possibility of creating a consortium with a view to formulating a long-term plan for the development of Formula 1 in the interests of the participants and the fans.
'Over the coming weeks and months, EXOR and News Corporation will approach potential minority partners and key stakeholders in the sport. There can be no certainty that this will lead to an approach to Formula 1ís current owners.' a joint Exor and News Corp statement was quoted by Autosport Magazine.
With the announcement it is now clear that this movement is gathering momentum, while F1's owner CVC Capital Partners has now also revealed that they have indeed received an approach from the Exor/News Corporation consortium regarding the ownership of Formula One.
'James Murdoch has informed us that the approach is friendly, at a very preliminary stage, and that they acknowledge that Formula 1 is privately owned by CVC and not currently for sale.
'CVC recognises the quality of Exor and News Corporation as potential investors, but any investment in Formula 1 will require CVC's agreement and will need to demonstrate that it is in the interest of the sport and its stakeholders, taken as a whole.' CVC Capital Partners told the BBC.
This potential deal will prove to be unpopular with a lot of Formula One supporters. Many of which will not like the thought of a Rupert Murdoch/Sky Sports takeover or investment package.
One of a number of reasons behind those thoughts will be that if Murdoch/Sky have any control over F1, will a move to pay-TV be a formality in the future?
Currently the The Concorde Agreement which all 12 teams have agreed too states that the sport will be shown on free-to-air television wherever possible, preventing an exclusive rights package for Sky.
Another reason why it would prove unpopular would be Exor's links to Ferrari, with the potential to have a company with a financial interest in both the sport and a team, something that is not allowed under the current Concorde Agreement.
However the Concorde Agreement is set for a renewal and if the teams change their minds then that could begin to pave the way for F1 to move away from the BBC in 2013 to Sky (and other pay-tv broadcasters around the World) or indeed alter the rules regarding a team owner having a controlling interest in the sport.
Date:Wednesday May 4 2011
2016 Belgian Grand Prix - FP2 (Friday August 26 2016)
2016 Belgian Grand Prix - FP1 (Friday August 26 2016)
Will Renault take up Magnussen option? (Thursday August 25 2016)
Hamilton set for huge grid penalty (Thursday August 25 2016)
Blog: Spa Preview (Wednesday August 24 2016)
Drivers make tyre selections for Belgium (Tuesday August 23 2016)
F1 Prediction Competition open for round 13 (Monday August 22 2016)
Who will win at Spa? (Monday August 22 2016)
Formula One is a team sport (Friday August 19 2016)
Formula One needs to tweak blue flag rules (Thursday August 18 2016)
Haas close to confirming new line-up (Wednesday August 17 2016)
All eyes on Ocon (Tuesday August 16 2016)
We should test Halo properly says Massa (Monday August 15 2016)
Toro Rosso expect team-mate rivalry (Friday August 12 2016)
New face on the grid after the summer break (Thursday August 11 2016)
Whisper it, the old Hockenheim wasnít very good (Wednesday August 10 2016)
Just let them drive! Says Wolff (Tuesday August 9 2016)
Rosberg will bounce back (Monday August 8 2016)
F1 penalties too inconsistent (Monday August 8 2016)
Ferrari form is painful (Friday August 5 2016)
Alonso unhappy (Friday August 5 2016)
Hamilton pleased with buffer in championship race (Thursday August 4 2016)
Kvyat a broken man (Thursday August 4 2016)
Pirelli test new wide tyres (Wednesday August 3 2016)
Verstappen earning trust at Red Bull (Wednesday August 3 2016)
Arrests made in Bernie's mother-in-law kidnapping (Tuesday August 2 2016)
Blog: German GP Report (Tuesday August 2 2016)
Was it right to penalise Rosberg? Rosberg says no (Monday August 1 2016)
New leader after Germany drama (Monday August 1 2016)
2016 German Grand Prix - Race (Sunday July 31 2016)
Blog: Hockenheim Qualifying (Saturday July 30 2016)
2016 German Grand Prix - Qualifying (Saturday July 30 2016)
2016 German Grand Prix - FP3 (Saturday July 30 2016)
2016 German Grand Prix - FP2 (Friday July 29 2016)
2016 German Grand Prix - FP1 (Friday July 29 2016)
Cockpit protection introduction delayed (Friday July 29 2016)
Championship will be lost by DNFs (Thursday July 28 2016)
Allison leaves Ferrari by mutual consent (Thursday July 28 2016)
F1 Prediction Competition open for round 12 (Wednesday July 27 2016)
Drivers make tyre selections for Germany (Wednesday July 27 2016)
Blog: Hockenheim Preview (Tuesday July 26 2016)
F1 must look at safety aspect of yellow flags (Tuesday July 26 2016)
Bernie's mother-in-law kidnapped claim reports (Tuesday July 26 2016)
Who will win in Germany? (Monday July 25 2016)
Hamilton snatches championship lead (Monday July 25 2016)
Another four years for Vettel at Ferrari? (Monday July 25 2016)
Blog: Hungarian GP Report (Sunday July 24 2016)
2016 Hungarian Grand Prix - Race (Sunday July 24 2016)
Blog: Hungaroring Qualifying (Saturday July 23 2016)
2016 Hungarian Grand Prix - Qualifying (Saturday July 23 2016)
2016 Hungarian Grand Prix - FP3 (Saturday July 23 2016)
2016 Hungarian Grand Prix - FP2 (Friday July 22 2016)
2016 Hungarian Grand Prix - FP1 (Friday July 22 2016)
Rosberg signs new deal with Mercedes (Friday July 22 2016)
FIA clarify radio communications (Friday July 22 2016)
Alonso reveals he may quit Formula One (Thursday July 21 2016)
Peter Sauber retires as team is sold (Thursday July 21 2016)
You should never, ever, give up says Hamilton (Wednesday July 20 2016)
Drivers make tyre selections for Hungary (Wednesday July 20 2016)
Hamilton's run will end says Rosberg (Tuesday July 19 2016)
Blog: Hungaroring Preview (Tuesday July 19 2016)
F1 Predicton Competition open for round 11 (Monday July 18 2016)
Who will win in Hungary? (Monday July 18 2016)
Sainz confirms commitment to Red Bull (Friday July 15 2016)
F1 set to scrap prize money structure? (Thursday July 14 2016)
Hamilton Mania (Wednesday July 13 2016)
Ferrari keeping an eye on Hamilton (Tuesday July 12 2016)
Blog: British GP Report (Monday July 11 2016)
Hamilton Mania (Monday July 11 2016)
2016 British GP - Race (Sunday July 10 2016)
Blog: Silverstone Qualifying (Saturday July 9 2016)
2016 British Grand Prix - Qualifying (Saturday July 9 2016)
2016 British Grand Prix - FP3 (Saturday July 9 2016)
2016 British Grand Prix - FP2 (Friday July 8 2016)
2016 British Grand Prix - FP1 (Friday July 8 2016)
Blog: Silverstone Preview (Thursday July 7 2016)
No reason for Pirelli tyre failure - Vettel (Wednesday July 6 2016)
Drivers make their selections for Silverstone (Wednesday July 6 2016)
Incident was brainless - But let them race! (Tuesday July 5 2016)
A rare good day for McLaren & Button (Tuesday July 5 2016)
Reckless Rosberg (Monday July 4 2016)
F1 Prediction Competition open for round 10 (Monday July 4 2016)
Who will win in Britain? (Monday July 4 2016)
Blog: Austrian GP Report (Sunday July 3 2016)
2016 Austrian GP - Race (Sunday July 3 2016)
Blog: Red Bull Ring Qualifying (Saturday July 2 2016)
2016 Austrian GP - Qualifying (Saturday July 2 2016)
2016 Austrian GP - FP3 (Saturday July 2 2016)
2016 Austrian GP - FP2 (Friday July 1 2016)
2016 Austrian GP - FP1 (Friday July 1 2016)
Blog: Red Bull Ring Preview (Thursday June 30 2016)
Pirelli announce driver selections for Austria (Tuesday June 28 2016)
F1 Prediction Comp - Open for round 9 (Monday June 27 2016)
Who will win in Austria? (Monday June 27 2016)
Sainz expected to stay with Red Bull stable (Friday June 24 2016)
F1 musical chairs begins (Thursday June 23 2016)
Title looking good for Rosberg says Hamilton (Wednesday June 22 2016)
Williams hunting down new pit-stop record (Tuesday June 21 2016)
Are F1 radio regulations to restrictive? (Tuesday June 21 2016)
Championship push back on track for Rosberg (Monday June 20 2016)
|7.||Push The Button||483|