Ecclestone: No way teams will get 70% of F1

Bernie Ecclestone on collision course with F1 teams

Bernie Ecclestone on collision course with Formula 1 teams

May 19 (GMM) Bernie Ecclestone has scoffed at Ferrari‘s latest breakaway series threat and declared that there is no way that Formula 1 teams will get the 70% ownership of the sport’s rights which they are angling for.

Luca di Montezemolo (ITA) Ferrari President. Formula One World Championship, Rd 14, Italian Grand Prix, Qualifying Day, Monza, Italy, Saturday 11 September 2010.

Luca di Montezemolo

The Italian marque’s president Luca di Montezemolo warned that Ferrari and the other teams could walk away from the sport’s current owners CVC at the end of the 2012 Concorde Agreement.

Asked about Montezemolo’s comments, Formula 1 chief executive Ecclestone told Swiss newspaper Blick: “Oh yes, we all know Montezemolo’s emotional side. But how often has Ferrari actually gone?”

The Formula 1 supremo sounded confident about the future beyond the current commercial agreement, saying: “Forget the Concorde Agreement. CVC bought Formula 1 at a time when there was basically no Concorde Agreement and the manufacturers were threatening us with a rival series.”

Sebastian Vettel (GER) Red Bull Racing RB7 leads at the start of the race. Formula One World Championship, Rd 2, Malaysian Grand Prix, Race, Sepang, Malaysia, Sunday 10 April 2011.

Yet another battle for control of Formula 1

“So it was the worst possible time to buy and yet CVC paid good money. Today the risk is even lower,” added Ecclestone.

It has been suggested teams want their share of Formula 1’s revenue pie to be increased from 50 per cent in the current Concorde to 70pc in 2013.

“In the last five Concorde Agreements the teams wanted more money. There is no chance they’re getting 70 per cent,” declared Ecclestone.

The Concorde Agreement is a contract between the Fédération Internationale de l’Automobile (FIA), the Formula One teams (FOTA)) and the Formula One Administration which dictates the terms by which the teams compete in races and take their share of the television revenues and prize money.

There have been six separate Concorde Agreements: The first in 1981, others in 1987, 1992, 1997, and 1998, and the current agreement in 2009.

  • Bec

    It the teams get 70% of the money raised by Bernie, it will just mean more money will have to be raised, which means More races in countries that will pay more, less races in countries that pay less.

    Monaco = $0
    Monza = $5 million
    Abu Dhabi 40 million
    China $38 million

    Support FOTA and lose races in Europe, simple.

    If I was Mr. E, I’d give them 70% and dump Monza and Spa, and then watch mad Monty’s face … There is an alternative of course, bring in a Cost cap, then the teams won’t need $400,000,000 to do what they were doing 10 years ago with $30,000,000.

  • h.wilson

    scoff from your retirement vila you old goat..AND they should be after 100% and toss all you stinking money-lenders into the gutter where you belong..MOVE ON !t