F1 sold

Discussion in 'Motorsports' started by DIGGS, Sep 8, 2016.

  1. Formula One is being bought by Liberty Media, a U.S. company that invests in entertainment and sports, for $4.4 billion.

    Liberty Media Corp., which is controlled by 75-year-old tycoon John Malone, has ended years of uncertainty about the ownership of the auto racing series with Wednesday's deal.

    There will be continuity, with Bernie Ecclestone remaining the chief executive officer of F1. But the 85-year-old Ecclestone will have to work under a new chairman: Chase Carey, the executive vice chairman of Rupert Murdoch's entertainment conglomerate 21st Century Fox.

    Formula One has hundreds of millions of fans, and Carey said in a statement that he sees opportunity to develop it. In an interview, Ecclestone said he is optimistic Liberty has the resources, expertise and outlook to drive the growth of F1 — particularly in the United States.

    Liberty said it has initially purchased a minority stake of 18.7 per cent for $746 million. A buyout is expected to be completed by March 2017. F1's biggest current shareholder, investment fund CVC Capital Partners, and the other sellers will still own 65 per cent of Formula One Group stock, and retain board representation. But CVC, which first invested in F1 in 2005, is ceding control of the sport to Malone's Liberty, which has all the voting shares.

    The company says the deal values Formula One at $8 billion, including debt.

    Malone, a U.S. cable-industry pioneer, has wide-ranging holdings in sports and entertainment. His Liberty Media also owns Major League Baseball team Atlanta Braves and has a controlling interest in radio company Sirius XM. Malone also controls European telecom company Liberty Global and has investments in U.S. cable company Charter, which recently bought Time Warner Cable, and various cable-TV companies.

    "I hope they do a lot because they are American and have had dealings in television in America for a long time," Ecclestone said of Liberty. "They have dealings with a lot of sponsors because of their TV networks and social media which we haven't done (as much) in the past."
     
  2. Well, let's find out
    At least his personal insterests ($ and powah) are retained
     
  3. So how is the sport supposed to be affected?
     
  4. I dunno. But the cars will still have a wing or two on them.
     
  5. I just hope it'll become more American, so more driver-with-their-fans interaction, because that's what F1 really lacks; that it's still terribly closed to its fans compared to Indy/NAScar etc.
     
  6. I had a talk about Formula 1 with my dad yesterday. Since his retirement, he's had some more time on his hands and has been watching more sports. He asked me why I liked it and I did my best explaining it, telling him about how I would watch the Schumacher-Hakkinen battles back in the 90's. I specifically remember one race in which Hakkinen was leading by a good lap or so over everyone else, but then ran out of fuel in the last straight before the finish line. That was intense.
     
  7. I remember many exceptional feats of back then, but there wasn't as much action (ie overtaking) on the track as there is nowadays. Only 4 or 5 cars would typically finish in the same lap, which is how strong Benetton, Williams, Ferrari or McLaren would be in their good years in the 1990's. Though there were races in which the underdog teams did well and those I still downloaded to enjoy once again.

    Hungary 1997, in which Damon Hill did something unbelievable with an Arrows and was heading for a win until the car gave up. 3 corners before the end Jacques Villeneuve would catch up with him and win it in the nearly unbeatable Williams of that year.
    Argentina 1995, in which Jos Verstappen had one of the races of his life in a Simtek, which was as about as worthless as the Minardi, Pacific and Forti at the time. Unreliable heap of sh- and during the only 4 races they drove they had a finishing percentage of 37.5%. Anyway, Verstappen did awfully well that race and at once point he was even lapping as 5th after overtaking Berger in his Ferrari, the 3rd best team that year.
    Canada 1995, where finally a Ferrari would win again and where my most favourite driver of the time (Alesi) would seal his first and only victory. It was glorious. Sure, both Williams and Herbert didn't finish that race, but still.
    Germany 1997, absolutely freak race, where out of nowhere, Berger was absolutely unstoppable in his Benetton (which never found back the form they had in '94 and '95) and drove his way to a win. Really nice as that was also announced to be his final season in Formula 1. Way to end it with a bang.
    Belgium 1998, we all remember the monster crash involving half the grid, but that it ended in a Jordan 1-2 and Alesi as 3rd in the Sauber was great. What I didn't like as much (though I understand Eddie Jordan), was the team call that Ralf Schumacher was not allowed to overtake Hill for the win, despite being clearly faster.

    I could go on forever really, every race had its highlight to focus on (Monaco '96, destruction derby, Panis (Ligier) winning omg), but focusing on the racing itself, I think it's much better nowadays because there's more action on the track.
     

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