New Jersey street race is off again
Tag Archive: Bloomberg
Force India has lashed out at F1′s owner CVC, accusing the private equity firm of not being interested in developing the sport.
The financial news agency Bloomberg quoted deputy team boss Bob Fernley as saying new deals that give more money and power to the bigger teams are a “disaster”. “CVC is not interested in developing the sport, it’s interested in making as much money as possible and then selling it,” he said.
One of the unnamed sources said the new CVC agreement will benefit the FIA to the tune of about $25 million.
The FIA is close to completing a successful push for a bigger slice of F1′s financial pie, according to a report by the expert financial source Bloomberg. Citing ‘two people familiar with the situation’, the media report said the now Jean Todt-led Paris federation is set to boost its coffers to about $40 million per year.
A company has filed a $650 million lawsuit against formula one.
Bluewaters Communications Holdings claims it was the high bidder to buy the sport in 2005. It is claimed CVC, F1′s current owner, was the lower but successful bidder because of F1 chief executive Ecclestone’s alleged bribes to the now-jailed former banker Gerhard Gribkowsky.
Now, financial media sources Bloomberg and Reuters report that Mercedes has indeed bought back Aabar’s stake.
Mercedes-Benz has taken back total control of its formula one team by buying the 40 per cent stake held by Aabar, the Abu Dhabi investment arm. We reported in April that Aabar, who were then already watering down their involvement with Mercedes’ parent Daimler, was set to pull out of the Brackley based Mercedes GP team.
Two weeks before he is due to sit on the pitwall in his native India, Force India chief Vijay Mallya is facing arrest.
A non-bailable arrest warrant was issued by a Hyderabad court on Friday, relating to cheques issued by his struggling airline Kingfisher that bounced. The warrant was issued because billionaire Mallya failed to appear for a court hearing.
Almost another year may pass before it is known whether Singapore is staying on the formula one calendar.
The city-state’s popular night race, set to take place this weekend for the fifth time, has become one of the most highly anticipated stops on the sport’s annual calendar. But the current contract does not run beyond 2012, even though Singapore reportedly has to serve more notice before it can cease organising the event.
Bernie Ecclestone has confirmed that plans to float formula one on the Singapore stock exchange have been put on the back burner for now.
Ecclestone confirms F1 floatation delay
The F1 chief executive said in Monaco last weekend that the sport’s owners had adopted a “wait and see” attitude in light of the problems with Facebook’s high profile listing. And this week, London based jeweller Graff Diamonds postponed its Hong Kong floatation, citing adverse market conditions.