Teams offered chance to invest in F1 after takeover

Thu Sep 8, 2016 8:48am EDT
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By Alan Baldwin

LONDON (Reuters) - Formula One teams will be given the chance to invest in the sport after Liberty Media's takeover but the smaller ones are hoping the new owners will also help them become more competitive on the track.

"The philosophy of American sports franchises is to try and keep it as equal as possible and as competitive as possible," Force India deputy principal Bob Fernley told Reuters on Thursday.

"So I’m hopeful that, as an American company with good knowledge of sports franchises, that will be one of their key objectives - to create as level a playing field as possible."

U.S. cable TV mogul John Malone's Liberty Media announced on Wednesday that it had acquired an initial 18.7 percent stake in Formula One from controlling shareholder CVC Capital Partners.

The company hopes to complete a deal for the remainder by the first quarter of 2017.

A joint statement by CVC and Liberty Media said teams would be "given the opportunity to participate in the investment in Formula One" with details to be agreed in due course.

New Formula One chairman Chase Carey said some had already expressed an interest in investing.

"The teams have done very well; payments to the teams have increased significantly. We think there's real growth in the business and we think everyone should benefit from that growth," he added in a later conference call.   Continued...

Formula One drivers start the Russian F1 Grand Prix in Sochi, Russia, October 11, 2015.  REUTERS/Grigory Dukor/File Photo