Ecclestone could buy back F1 rights

Bernie Ecclestone has suggested that his family trust could regain control of Formula 1 by making a £1bn offer to buy the business back from the banks that own 75% of it

Ecclestone could buy back F1 rights

The sport could then be floated on the stock market, giving teams the chance to own part of the sport that they helped to build - but the deal will only happen if the teams commit to stay in F1 until 2015.

Ecclestone told The Sunday Times: "I believe the family trust would buy back F1 from the banks if all the F1 teams extended until 2015."

F1 is facing a costly split, as the major manufacturers are unhappy with the way that revenues from the sport are being divided. They have set up a company, the GPWC, which is investigating setting up a rival series for 2008 after the Concorde Agreement ends.

Luca Di Montezemelo, chairman of Ferrari, which is involved in the breakaway series, said: "The car manufacturers are not prepared to fund the banks, they prefer to have it in their own pockets. Without us in 2008 the banks will own 100% of nothing."

Ownership of SLEC, the company that owns F1, is split between three banks and Ecclestone's Bambino Trust, which owns 25%.

Brian Powers, director of the Bambino Trust, said: "We have made it clear that if, as part of a long-term solution, extra money was needed either in SLEC or to buy the banks out, the trust was willing to do that. But we need a long-term Concorde Agreement in place."

shares
comments
Interview: Jaguar's Pizzonia Ready for Action

Previous article

Interview: Jaguar's Pizzonia Ready for Action

Next article

Jaguar Appoint New Sporting Director

Jaguar Appoint New Sporting Director
Load comments
Why unseen Hungary heroics could be the making of F1's most overlooked driver Plus

Why unseen Hungary heroics could be the making of F1's most overlooked driver

The chaotic start to the Hungarian GP set the scene for F1's less heralded drivers to make a name for themselves. Esteban Ocon did just that to win in fine style, but further down the order one driver was making his first visit to the points and - while the circumstances were fortunate - took full advantage of the chance presented to him

Hungarian Grand Prix Driver Ratings Plus

Hungarian Grand Prix Driver Ratings

This was race that showcased the best and worst of Formula 1, producing a first time winner and a memorable comeback to a podium finish. Avoiding trouble at the start and astute strategy calls were key to success, but where some drivers took full advantage, others made key errors that cost them dearly

Formula 1
Aug 2, 2021
The “heart-breaking” call that led to Ocon’s Hungarian GP triumph Plus

The “heart-breaking” call that led to Ocon’s Hungarian GP triumph

Set to restart the red-flagged Hungarian Grand Prix in second, Esteban Ocon had some doubts when he peeled into the pits to swap his intermediate tyres for slicks. But this "heart-breaking" call was vindicated in spectacular fashion as the Alpine driver staved off race-long pressure from Sebastian Vettel for a memorable maiden Formula 1 victory

Formula 1
Aug 2, 2021
The F1 champion who became an Indy king in his second career Plus

The F1 champion who became an Indy king in his second career

Emerson Fittipaldi’s decision to go racing with his brother led to him falling out of F1, but he bloomed again on the IndyCar scene. NIGEL ROEBUCK considers a career of two halves

Formula 1
Jul 31, 2021
Why Mercedes is pleased to be in the Hungary hunt at a 'Red Bull track' Plus

Why Mercedes is pleased to be in the Hungary hunt at a 'Red Bull track'

Mercedes ended Friday practice at the Hungaroring with a clear gap to Red Bull thanks to Valtteri Bottas’s pace in topping FP2. But there are other reasons why the Black Arrows squad feels satisfied with its progress so far at a track many Formula 1 observers reckon favours Red Bull overall

Formula 1
Jul 30, 2021
How Red Bull endured its second car crash in two weeks Plus

How Red Bull endured its second car crash in two weeks

OPINION: Red Bull was justified to be upset that Lewis Hamilton survived his British GP clash with Max Verstappen and went on to win. But its attempts to lobby the FIA to reconsider the severity of Hamilton's in-race penalty were always likely to backfire, and have only succeeded in creating a PR disaster that will distract from its on-track efforts

Formula 1
Jul 30, 2021
The ‘screaming’ F1 engine future that may not be out of reach Plus

The ‘screaming’ F1 engine future that may not be out of reach

OPINION: It wasn't just the Verstappen/Hamilton clash that had the Red Bull and Mercedes bosses at loggerheads at Silverstone, with the nature of Formula 1's 2025 engines also subject for disagreement. But hopes to have loud, emotive engines that are also environmentally friendly don't have to be opposed

Formula 1
Jul 29, 2021
The drivers that need to strike gold before F1's summer break Plus

The drivers that need to strike gold before F1's summer break

OPINION: Formula 1 is about to break up for summer 2021, with the title battles finely poised. But it’s not just the latest round of Max Verstappen vs Lewis Hamilton that will be worth watching this weekend in Hungary, as plenty of drivers are eying big results to change the stories of their seasons so far

Formula 1
Jul 28, 2021