Bernie pressures teams to sign new deal
25 May, 2011
May 25 (GMM) If Formula 1 teams do not sign a new Concorde Agreement, they could be charged exorbitant entry fees by Bernie Ecclestone, the sport’s chief executive has warned.
Teams reportedly want their share of the sport’s revenue pie to increase to 70% after the current commercial contract expires next year, with Ferrari warning that a ‘breakaway’ series is possible if their demands are not met.
“I don’t even care if we don’t have a Concorde Agreement,” Ecclestone told the Daily Express. “What we might do is run the championship and ask the teams for money to enter.”
Formula 1 teams already pay entry fees to the governing FIA, but Ecclestone argues that it is logical they should also pay fees to the owner of the commercial rights.
“If I want to enter a horse in the Derby, I pay a whacking great entry fee,” said the 80-year-old.
He hinted that teams who sign up now for 2013 and beyond will not have to pay the new fee.
“If you are late with an entry in the Derby,” said Ecclestone, continuing the horse-racing analogy, “you have to pay a chunk of money to enter the horse.
“If teams don’t want an agreement, we will put more money in our bank,” he warned.