A report has emerged this weekend which every motorsport media outlet has latched on to, suggesting that Liberty Media are already looking to off-load Formula 1 which they purchased for over $8-billion in 2017.
And, apparently, the first in line to buy it back at a bargain basement price is former self-styled supremo Bernie Ecclestone, the man who sold it to Liberty in the first place, but according to the Formula 1 media office it’s all hogwash.
This past weekend John Wall Street reported: “Less than 3 years after Liberty Global acquired Formula One, the company is reportedly exploring scenarios that would decrease their stake in the international racing circuit.”
“Everything from an exit to the introduction of new equity partners in on the table. Liberty has failed to add races and/or major sponsors, attract younger fans or drive digital revenues – issues that collectively indicate the C-suite is in over their heads and taking direction from the wrong places.”
The brief report concludes: “Keep an eye on former owner Bernie Ecclestone, the British business magnate has the capital, know-how and can likely reclaim the asset back for a fraction of the $8-billion he sold it for.”
Although it appears that the new F1 owners are struggling to come to terms of what they have on their hands and despite having Ross Brawn in their team they are simply heading in a direction that is starting to be questioned.
The ever-present ‘phantom’ of Bernie Ecclestone invariably looms, stirring the pot on the sidelines as he watches the new owners fumble along and through his media stooges is planting his traditional ‘land-mines’ to keep Chase Carey and his crew on their toes.
When approached for comment F1 media said that the report in question does not warrant “serious consideration” pointing out that “Formula 1 is controlled by Liberty Media not Liberty Global…”
The report at this stage appears to be an attack of sorts as Ecclestone aligned media ramp up criticism of Formula 1 management as Liberty Media look to pave the way forward for the sport.
In other words, another bullsh!t story punted by Bernie’s keyboard warriors.