Rumor: 'Everyone' saying F1 is for sale

(GMM) Bernie Ecclestone thinks Liberty Media could be shaping up to sell Formula 1.

The American company took over the sport in 2017, having bought it for some $4.6 billion. Ecclestone, who turned 90 recently, was ousted as CEO.

Now headed by Chase Carey but with Stefano Domenicali to take over from 2021, Formula 1 published an unprecedented 23-race calendar this week after recording big financial losses due to the coronavirus crisis.

“The 23 races is supposed to give the impression that business is going well again,” Ecclestone told Auto Motor und Sport.

“I would do the same if I wanted to sell.”

An unnamed team boss said recently that many teams may go out of business if Formula 1 has to endure another compromised season next year.

“We have made less, but we have also made big cost savings,” McLaren boss Andreas Seidl said.

“It is probably possible to survive another season like this again, but only if we keep saving at the same level. The budget cap will also help.”

Seidl also said the move to drastically different cars for 2022 can be coped with.

“Whether you use the money you have under the budget limit to develop the same car or build a new one makes little difference,” said the German.

November 3, 2020

.@JoeSawardF1: “I’ve been hearing for some weeks that Liberty has been sniffing around quietly for a buyer [of @F1] to take the business off its hands.” https://t.co/OBoMkY89lP

— Adam Stern (@A_S12) November 3, 2020

February 17, 2019

(GMM) Paul Hembery, the former F1 boss at Pirelli, says he has heard rumors that Liberty Media is trying to sell the sport’s commercial rights.

Liberty, headed in F1 by Chase Carey and Ross Brawn, completed its $8 billion acquisition in 2017 but in recent months has come under fire for its management and achievements.

Hembery told The Sun that “everyone” is talking about rumors that Liberty – having discovered that F1 is “more complex” than expected – is now trying to sell.

“I guess it depends what the price is and who wants to be involved in it,” he said.

“That may or may not be true, and I am sure they would deny it if they were asked directly but it creates another level of uncertainty.

“It is a difficult sport to manage and you have to have strong leadership,” he added.

Hembery said the next weeks and months will be crucial for Liberty amid its struggle to conclude new deals beyond 2020 and resolve a dispute with the F1 circuits.

“The bottom line is the product itself is not enough to make it compelling viewing for everybody,” he said.

01/28/19 A report has emerged this weekend which every motorsport media outlet has latched on to, suggesting that Liberty Media are already looking to off-load Formula 1 which they purchased for over $8-billion in 2017.

And, apparently, the first in line to buy it back at a bargain-basement price is former self-styled supremo Bernie Ecclestone, the man who sold it to Liberty in the first place, but according to the Formula 1 media office it’s all hogwash.

This past weekend John Wall Street reported: “Less than 3 years after Liberty Global acquired Formula One, the company is reportedly exploring scenarios that would decrease their stake in the international racing circuit.”

“Everything from an exit to the introduction of new equity partners in on the table. Liberty has failed to add races and/or major sponsors, attract younger fans or drive digital revenues – issues that collectively indicate the C-suite is in over their heads and taking direction from the wrong places.”

The brief report concludes: “Keep an eye on former owner Bernie Ecclestone, the British business magnate has the capital, know-how and can likely reclaim the asset back for a fraction of the $8-billion he sold it for.”

Although it appears that the new F1 owners are struggling to come to terms of what they have on their hands and despite having Ross Brawn in their team they are simply heading in a direction that is starting to be questioned.

The ever-present ‘phantom’ of Bernie Ecclestone invariably looms, stirring the pot on the sidelines as he watches the new owners fumble along and through his media stooges is planting his traditional ‘land-mines’ to keep Chase Carey and his crew on their toes.

When approached for comment F1 media said that the report in question does not warrant “serious consideration” pointing out that “Formula 1 is controlled by Liberty Media not Liberty Global…”

The report at this stage appears to be an attack of sorts as Ecclestone aligned media ramp up criticism of Formula 1 management as Liberty Media look to pave the way forward for the sport.

In other words, another bullsh!t story punted by Bernie’s keyboard warriors. grandprix247

01/28/19 Liberty Media could be looking to sell F1 already.

The American company, having bought the rights in 2016 and appointed Chase Carey to replace long-time F1 supremo Bernie Ecclestone in 2017, is reportedly now considering its place in the sport.

According to the sports business news publication johnwallstreet.com, Liberty is “exploring scenarios that would decrease (its) stake in the international racing circuit”.

Liberty’s 2016 deal valued F1 at $8 billion.

Johnwallstreet.com said Ecclestone, 88, might buy F1 back “for a fraction” of that price.

Blick newspaper quoted Ecclestone as saying recently: “So far I have not seen a thing that makes sense. They (Liberty) are doing almost everything wrong.”

Although it is clear that the new F1 owners are struggling to come to terms of what they have on their hands and despite having Ross Brawn in their team they are simply heading in a direction that is starting to be questioned.

The ever-present ‘phantom’ of Ecclestone looms, stirring the pot on the sidelines as he watches the new owners fumble along and through his media stooges is planting his traditional ‘land-mines’ to keep hapless Chase Carey on his toes.