Tag Archive: Financial Times
Luca di Montezemolo has hinted he will increase Ferrari’s budget in order to catch up with dominant Mercedes.
The fabled Italian marque has struggled early this season, prompting the exit of team boss Stefano Domenicali. But recent rumours suggest Ferrari is now prepared to ‘break the bank’ to woo F1’s highest-paid engineer, Adrian Newey, to Maranello.
Vodafone confirms McLaren exit
McLaren on Thursday swiftly confirmed reports that Vodafone will definitely end its seven-year title sponsorship at the end of 2013. “Having met and exceeded all the highly ambitious targets that Vodafone had set for its title partnership with McLaren, the company has now decided to focus on business priorities away from formula one sponsorship,” the British team announced in a press release.
Bernie Ecclestone is tipped to sign up the airline Emirates as a major F1 sponsor on a visit to Dubai on Tuesday.
The Financial Times said the five year deal is worth “about $200m”, making it “one of the biggest” in motor sport. The report said Emirates would join formula one’s clutch of official sponsors, including UBS, Rolex, Tata and LG.
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.
Ecclestone said he is not planning to step down
Bernie Ecclestone has confirmed reports that BayernLB – claiming the damages amid the Gerhard Gribkowsky bribery scandal – has asked him to pay $400 million. “I did not respond,” the F1 chief executive, speaking in India, is quoted by the Financial Times.
Jean Todt has dismissed suggestions he is willing to loosen the FIA’s grip on formula one in return for more money.
Ahead of a crucial meeting between the FIA president, Bernie Ecclestone and the teams in Paris on Tuesday, the Financial Times reported speculation Frenchman Todt will agree to trade some of the federation’s rule-making power for a bigger share of the sport’s financial pie.
Pirelli tester and former Virgin race driver Lucas di Grassi is now involved in plans for the FIA’s new ‘Formula E’ category.
The governing body’s president Jean Todt has signed a deal with Addax GP2 and GP3 team owner Alejandro Agag and other Hong Kong-based investors to promote the new single seater series that will debut in 2014. The cars, to be developed by official tester and Brazilian di Grassi, will be powered only by lithium batteries and electric energy.