FIA to bank $120-million for tiny ownership stake in Formula 1
12 November, 2013
The FIA is set to take a one per cent ownership stake in Formula 1, in a new deal linked to the latest edition of the Concorde Agreement.
Writing in the Guardian, leading Formula 1 business journalist Christian Sylt said the move will be part of the sport’s forthcoming stock market floatation.
It is the result of a deal between Formula 1 chief executive Bernie Ecclestone and FIA president Jean Todt for the signing of the new Concorde Agreement.
“The FIA gets one percent if Formula 1 floats but the teams don’t have shares,” Ecclestone said.
Formula 1 owner CVC’s $12 billion valuation of Formula 1 means the FIA’s stake is worth $120 million.
But for the moment, the proposed float is on the back burner, while Ecclestone is caught up in the Gerhard Gribkowsky corruption affair. (GMM)