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Marchionne: We are exploring opportunity to buy F1 shares

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Ferrari president Sergio Marchionne confirmed that the company is looking to acquire a stake in Formula 1 offered to teams by new owners Liberty Media.

During a teleconference with media Marchionne confirmed, “We began to explore the opportunity [to acquire a stake] and we are in talks with Liberty Media.”

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But at the same time he added that “clarity about what will come after 2020 and what Ferrari could get with an investment in Formula 1.”

Marchionne was referring to the controversial Concorde Agreement that expires in 2020, but currently rules how Formula 1 income is distributed among teams, of which Ferrari are the biggest earners.

“I hope that the sport of F1 in general has a better image from now on, also because Liberty and Chase Carey know the world of entertainment very well, and they have a strong will to make this sport even more popular. We will do our part,” added Marchionne.

Liberty Media are keen to have teams on board as stakeholders, Greg Maffei, Liberty’s president and Chief Executive, said, “We think it’s important to offer the teams the chance to invest in F1 and further align our interests.”

“We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business.”

Chase Carey, Chairman of F1, said, “Several of the teams have expressed interest in investing and we have already begun productive discussions to make the sport more competitive and even more exciting.”