Plans for Bernie Ecclestone to float part of the F1 business on the Singapore Stock Exchange have emerged.
The offering is linked to suggestions that Ferrari and Red Bull are already committed to the new Concorde Agreement, which will cover the 2013-2020 seasons. The two teams left FOTA last year as the first step towards concluding their own arrangements with Ecclestone and CVC.
If the float goes ahead it could reduce the possibility of a future takeover of F1 by a single entity such as News Corporation, a potential outcome which has given the teams cause for concern. The F1 business is reputedly valued at $10bn.
Documents leaked to Sky News — and quickly removed from its website — underlined that Ferrari, in its traditional position as the ‘Longest Standing Team,’ is favoured by special arrangements.
It’s suggested that Ferrari would get a share of the business and a place on its board for Luca di Montezemolo. It is not clear whether Red Bull or other future signatories — in essence the teams that have remained with FOTA, such as Lotus, McLaren and Mercedes — would also be offered a slice of the action.
In a move clearly calculated to anger the FOTA teams, there is mention of a payment of $35m for the first team to win consecutive constructors’ titles after 2008 — already claimed by Red Bull — while there are extra funds for every title won since 2000 by teams that have not changed their names, for which only Ferrari and Red Bull appear to be eligible.