Ecclestone: No way teams will get 70% of F1
19 May, 2011
Bernie Ecclestone on collision course with Formula 1 teams
May 19 (GMM) Bernie Ecclestone has scoffed at Ferrari’s latest breakaway series threat and declared that there is no way that Formula 1 teams will get the 70% ownership of the sport’s rights which they are angling for.
Luca di Montezemolo
The Italian marque’s president Luca di Montezemolo warned that Ferrari and the other teams could walk away from the sport’s current owners CVC at the end of the 2012 Concorde Agreement.
Asked about Montezemolo’s comments, Formula 1 chief executive Ecclestone told Swiss newspaper Blick: “Oh yes, we all know Montezemolo’s emotional side. But how often has Ferrari actually gone?”
The Formula 1 supremo sounded confident about the future beyond the current commercial agreement, saying: “Forget the Concorde Agreement. CVC bought Formula 1 at a time when there was basically no Concorde Agreement and the manufacturers were threatening us with a rival series.”
Yet another battle for control of Formula 1
“So it was the worst possible time to buy and yet CVC paid good money. Today the risk is even lower,” added Ecclestone.
It has been suggested teams want their share of Formula 1′s revenue pie to be increased from 50 per cent in the current Concorde to 70pc in 2013.
“In the last five Concorde Agreements the teams wanted more money. There is no chance they’re getting 70 per cent,” declared Ecclestone.
The Concorde Agreement is a contract between the Fédération Internationale de l’Automobile (FIA), the Formula One teams (FOTA)) and the Formula One Administration which dictates the terms by which the teams compete in races and take their share of the television revenues and prize money.
There have been six separate Concorde Agreements: The first in 1981, others in 1987, 1992, 1997, and 1998, and the current agreement in 2009.
Related posts:
- F1 teams seeking bigger share of money
- Bernie and teams pocket big cash in 2010
- Todt wants more F1 cash for FIA coffers
- Ecclestone pushing for fewer teams in F1
- Dennis: Ecclestone stole F1 from teams
scoff from your retirement vila you old goat..AND they should be after 100% and toss all you stinking money-lenders into the gutter where you belong..MOVE ON !t
It the teams get 70% of the money raised by Bernie, it will just mean more money will have to be raised, which means More races in countries that will pay more, less races in countries that pay less.
Monaco = $0
Monza = $5 million
Abu Dhabi 40 million
China $38 million
Support FOTA and lose races in Europe, simple.
If I was Mr. E, I’d give them 70% and dump Monza and Spa, and then watch mad Monty’s face … There is an alternative of course, bring in a Cost cap, then the teams won’t need $400,000,000 to do what they were doing 10 years ago with $30,000,000.