Teams reject chance to buy shares in Formula 1

Formula 1 teams have rejected the opportunity to invest in the F1 business after the deadline imposed by Liberty Media expired

Teams reject chance to buy shares in Formula 1

Teams were given six months to take up an offer to buy shares set aside for them when Liberty's purchase of F1 went through in January but a Liberty spokesperson confirmed to Autosport that none of the current teams had done so.

Though that opportunity has now passed, Liberty says it may give the teams further chances to invest in the future.

A Liberty statement said "the investment opportunity offered to Formula 1 teams to purchase up to approximately 19 million shares of Series C Formula One common stock ('FWONK') has expired.

"The Formula 1 teams were offered the opportunity to invest at a per share purchase price of $21.26 at the time of Liberty's acquisition of Delta Topco Limited, the parent company of Formula 1, on January 23, 2017, and subject to a six month investment review process."

It added that "the approximately 19 million shares previously reserved for issuance to teams have been retired" while confirming that it "retains the right to offer future investment opportunities to Formula 1 teams."

Though the fact the participants were unwilling to invest in F1 could be viewed negatively, F1 chairman and CEO Chase Carey insisted Liberty has a good relationship with the teams.

"We have been actively engaged with all teams to shape a shared vision for the sport that will create real value for all stakeholders," he said.

"While the window for this particular investment opportunity has passed, we are pleased with the collaborative discussions we are having with the teams.

"These discussions will take time, but we appreciate their receptivity towards further aligning our incentives for the long-term benefit of the sport."

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