F1 teams seeking bigger share of money
7 April, 2011
Apr.7 (GMM) F1 teams will reportedly demand more money than ever when the next Concorde Agreement is negotiated.
It emerged this week that the teams last year shared $658 million of the sport’s commercial revenue, a 21 per cent increase over 2009.
That was the third successive annual pay-rise for the teams, due to their negotiation of more favourable terms when the last Concorde was signed amid the threat of a ‘breakaway’ championship in 2009.
Their 2010 dividend was 164 per cent more than in 2007, according to the financial news service Bloomberg.
But according to Italy’s Autosprint, the teams want their proportion of the commercial revenue to increase even further from 50 to 75 per cent when the next Concorde needs to come into effect in 2013.
Britain’s Daily Telegraph agrees that the teams have been buoyed by their latest efforts to receive more of F1′s lucrative revenue.
“If the trend continues, it could dissuade prospective buyers should CVC wish to sell F1,” wrote correspondent Tom Cary.