F1's owners face a backlash of their own making
Formula 1's current owners face the daunting prospect of renegotiating for the next set of contract extensions with teams, a task made all the more difficult by how it was handled last time around
A little over 10 years have passed since private equity fund manager CVC Capital Partners acquired majority control of Formula One Management with the intention of utilising F1's commercial rights in order to maximise its return on investment through funds made available by a variety of institutional investors - such as the Teacher Retirement System of Texas, or Calpers, California's civil service equivalent.
CVC's planned modus operandi was to list its latest sports property on Singapore's stock exchange in 2013. The business was restructured, with Strategy Group status and premium payments being offered to five big teams in exchange for commitments to remain in F1 from 2013 through to the end of 2020. That, figured CVC, would guarantee top dollar for the IPO.
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