Ecclestone: No way teams will get 70% of F1
19 May, 2011
May 19 (GMM) Bernie Ecclestone has scoffed at Ferrari’s latest breakaway series threat and declared that there is no way that Formula 1 teams will get the 70% ownership of the sport’s rights which they are angling for.
The Italian marque’s president Luca di Montezemolo warned that Ferrari and the other teams could walk away from the sport’s current owners CVC at the end of the 2012 Concorde Agreement.
Asked about Montezemolo’s comments, Formula 1 chief executive Ecclestone told Swiss newspaper Blick: “Oh yes, we all know Montezemolo’s emotional side. But how often has Ferrari actually gone?”
The Formula 1 supremo sounded confident about the future beyond the current commercial agreement, saying: “Forget the Concorde Agreement. CVC bought Formula 1 at a time when there was basically no Concorde Agreement and the manufacturers were threatening us with a rival series.”
“So it was the worst possible time to buy and yet CVC paid good money. Today the risk is even lower,” added Ecclestone.
It has been suggested teams want their share of Formula 1′s revenue pie to be increased from 50 per cent in the current Concorde to 70pc in 2013.
“In the last five Concorde Agreements the teams wanted more money. There is no chance they’re getting 70 per cent,” declared Ecclestone.
The Concorde Agreement is a contract between the Fédération Internationale de l’Automobile (FIA), the Formula One teams (FOTA)) and the Formula One Administration which dictates the terms by which the teams compete in races and take their share of the television revenues and prize money.
There have been six separate Concorde Agreements: The first in 1981, others in 1987, 1992, 1997, and 1998, and the current agreement in 2009.