Martin Whitmarsh has confirmed a move by formula one teams to buy a stake in formula one.
According to The Independent newspaper, the McLaren and FOTA chief confirmed that DC Advisory Partners has been appointed by the teams association ahead of the forthcoming negotiations for the next Concorde Agreement.
F1’s commercial rights are currently owned by private equity company CVC, and reports earlier this year suggested Rupert Murdoch’s News Corp and the Ferrari-linked Exor were considering a bid.
“At the end of the day, formula one is owned by venture capitalists (CVC) and one would suspect that they can’t hold the sport in their funds ad infinitum,” said Whitmarsh.
Source:GMM
