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The world’s third largest media conglomerate News Corp have this week gone public with their plans to take a stake in Formula One motor Racing. Whether they can translate this into action is in debate however.
Many of the formula one racing teams are based in the UK, but the sport is truly international with technology developed by engineering and design firms around Europe and the rest of the world. English is the main language of formula One, but drivers speak a variety of languages so there is much translation from English into French, English into Japanese and English into German.
According to the Team’s associatin many of the international teams are keen to pursue a move which might give them a share of the ownership of the rights to the sport currently controlled by Bernie Ecclestone.
Eccelstone was interviewed by the BBC in advance of the Turkish Grand Prix earlier today and was adamant that the company was not for sale, but current owners CVC are bound to entertain any option which gives the venture capital firm a profitable exit. Despite denials, the right offer from News Corp via Italian investment group Exor will open up the possibility of News Corporation buying into F1.
During a media briefing held by the Formula One Teams' Association FOTA, English team McLaren team principal Martin Whitmarsh, said "I think it ultimately is desirable to have team ownership of commercial rights”.
He went on to say "I think the teams want to ensure that first and foremost that we have stability, we want to ensure that the sport is sustainable and to be sustainable you need the appropriate level of investment to promote and develop the sport. You need the appropriate distribution of the revenues to teams to make it sustainable and those are the primary things.”
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