November 25, 2019 | News | No Comments
Ferrari CEO Sergio Marchionne is considering an investment in the Formula One Group as proposed by F1’s new owners.
Liberty Media has set aside an allocation of 19 million shares of its publicly traded entity FWONK destined to be sold to the sport’s teams at a favourable price but with specific terms.
So far teams have been reluctant to follow up on the offer as the deal includes many unknowns.
During yesterday’s conference call with analysts following the publication of Ferrari’s 2016 results, Marchionne expressed interest in acquiring a stake in F1, albeit with a few caveats.
“We are considering acquiring shares in Formula 1, and we discuss it with the new owners,” Marchionne said.
- F1 share deal with Liberty still on the table
The Italian-Canadian manager believed however that it would be unwise to invest without having clarity on what happens after 2020, upon the expiration of the current Concorde Agreements which control, among other things, the distribution of funds to Formula 1 teams.
“It is not a financial issue,” he said.
“It would be unwise to invest without having clarity about what will happen after 2020 and what Ferrari could get from its investment in Formula 1.
“Once we have this clarity, I think it will be much easier to decide if we want to participate in this venture.”
Marchionne also said he was confident in Liberty Media’s ability to move Formula 1 in the right direction.
“I expect that Formula 1 in general will do better, because Liberty and Chase Carey know the entertainment world very well and will make the sport even more popular.
“In this respect, the Scuderia will do its part,” concluded Marchionne.
GALLERY: F1 drivers’ wives and girlfriends
Click Here: Kenzo Women’s New Collection
Keep up to date with all the F1 news via Facebook and Twitter