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.
06/11/2017 Mercedes, Ferrari hit back at Liberty plans Nov.6 (GMM) Top teams Ferrari and Mercedes are pushing back against Liberty Media's plans to modernise formula one.
Ferrari is threatening to quit the sport after new F1 owners Liberty […]
06/04/2017 Ecclestone rejected Vietnam GP deal Apr.6 (GMM) Ousted F1 supremo Bernie Ecclestone says he rejected plans to add a Vietnamese grand prix to the race calendar.
The 86-year-old, recently stepped down as the sport's chief […]
10/05/2016 Replacing Ecclestone not easy – Lauda May 10 (GMM) Niki Lauda has played down mounting speculation he is in pole position to succeed Bernie Ecclestone.
It is claimed that Ferrari's Sergio Marchionne, backed by Mercedes chief […]
16/03/2017 Azerbaijan hits back at Liberty over GP jibe Mar.16 (GMM) The promoter of Azerbaijan's grand prix has hit back hard at the chief executive of F1's new owner Liberty Media.
Forbes this week quoted Liberty CEO Greg Maffei as strongly […]
30/01/2017 Experts doubt Ecclestone will go quietly Jan.30 (GMM) The F1 world is poised to discover 'deposed' supremo Bernie Ecclestone's next move.
The sport's long-time but now former chief executive has denied reports he is planning a […]
21/09/2016 Wolff not worried about Liberty’s income plans Sep.21 (GMM) Mercedes team boss Toto Wolff says he is not worried about new F1 owner Liberty Media's plans to fundamentally change how prize money is distributed.
With the European […]
29/01/2018 F1 at risk of political turmoil – Berger Jan.29 (GMM) Toto Wolff says he misses F1 supremo Bernie Ecclestone's ability to get things done.
The Mercedes boss says Liberty Media has been in a "honeymoon period" since succeeding […]
05/09/2016 Rumours swirl about Ecclestone’s future Sep.5 (GMM) As big rumours swirl about the sale of F1's commercial rights, Bernie Ecclestone has named a potential successor as chief executive.
At Monza, speculation swirled in the […]
21/03/2019 Wolff rubbishes breakaway series rumours Mar.21 (GMM) Toto Wolff has rubbished rumours he might be part of a movement to set up a rival world championship.
Auto Motor und Sport reveals that, last month, the Mercedes boss met […]