Unfortunately there simply is no polite way of stating this, but the overall implication of the end-2012 financial results lodged by the Formula 1 division of CVC Capital Partners, the investment fund which acquired a majority holding of the sport's commercial rights via a mix of invested capital and leveraged loans back in 2006, borders on the scandalous.
In fact, so blatant is CVC's exploitation of F1 and, by extension, the unbridled passion of the sport's fans, by the entity that acquired the rights purely for short-term gain - as is the wont of such funds - that in the scandal stakes it arguably ranks right up there with the original sale of the sport's commercial rights by the FIA's previous administration for over a century for less than three per cent of their intrinsic value.
However, it can surely be no coincidence that in the very week that CVC revealed bottom-line earnings of over £500 million - made up of a mix of £330m profit and £200m refinancing dividend - for the most recent financial year, the operation known as Marussia posted losses of £59m on a turnover of half that.
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South African-born Dieter trained as industrial engineer before holding down a variety of senior motor industry marketing and manufacturing positions. At the age of 40 he decided to follow his passion, and became the first and only South African journalist to cover Formula 1 regularly. Dieter joined AtlasF1 at the beginning of 2004 – a year prior to its merger with Autosport – and his regular column offers an intriguing analysis of F1’s politicking and commercial chicanery. Although now also proudly Belgian, he gives his domicile as "Wherever F1 duplicity lurks".@RacingLines More features by Dieter Rencken