F1 race promoters want lower fees – Wolff

May 27 (GMM) Toto Wolff says it is clear F1 race promoters want to renegotiate their contracts with the sport.

Many promoters who negotiated their agreements and fees with now-ousted F1 supremo Bernie Ecclestone are now seeking better terms under the Liberty Media regime.

In Monaco, Liberty met with the race promoters.

Baku, Russia, Abu Dhabi and others want to lower their annual fees, Hockenheim is holding out on a new deal, while Silverstone has announced it is ending its contract.

Mercedes boss Wolff acknowledged the turmoil.

“Paying for the right to have a race is one of the three main sources of income under the previous business model that Bernie created,” he said in Monaco.

“He had an exceptional talent for making these contracts. He knew how to squeeze every last cent out of them for the benefit of shareholders and the teams.

“But I’m not sure it was an entirely stable and economically justified business model. Some promoters found themselves in a very difficult situation, so it is understandable that when the regime changes, they will seek a review,” Wolff added.

“But I’m sure that the leaders of the championship will find the right solution and be able to agree with the promoters.

“What is clear is that in future this income item will bring in less money, so it is necessary to develop areas such as digital technologies and other alternative sources,” he said.

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