Nov.12 (GMM) F1 teams are expressing interest in buying into the sport, Liberty Media CEO Greg Maffei has revealed.
As Liberty moved to take over from majority owner CVC, it emerged that the teams had been invited to consider becoming co-owners.
“We obviously … went to meet with the teams and I think as has been mentioned we have expectations that they will become owners in formula one primarily through the placement of some of the shares to the CVC Group to them,” Maffei said during an investor meeting this week.
Writing in Forbes, F1 business journalist Christian Sylt explained that Liberty is offering the shares to CVC as payment for the sport’s commercial rights “instead of cash”.
“Cash just 25 per cent of the $4.4 billion purchase price for F1”, Sylt added.