Luca Di Montezemolo: Bernie Ecclestone doesn’t own Formula 1, CVC does
Ferrari’s President, Luca di Montezemolo, has urged the Formula 1 teams to be proactive about the Formula 1 buyout. Luca stated that Bernie Ecclestone is not the owner of the sport and he will not decide the future of it.
Reports about a possible Formula 1 buyout was made public by a news Corp and EXOR company last week. Right after the news, Formula 1 supremo Bernie Ecclestone said that Formula 1 is not for sale and EXOR will not get his hands on the sport.
But now Ferrari’s president thinks that Formula 1 teams themselves, will have to decide about the future of sport. He said, “I think we have to be very pragmatic. At the end of 2012, the contracts of every single team with CVC will expire.”
Luca did acknowledge Bernie Ecclestone's services for Formula 1 but said as the contract of Formula 1 expires with CVC in 2012, the old head will not have his hands on the sport.
“Bernie Ecclestone did a very good job but he has already sold out three times, so he doesn't own the business anymore. It is CVC that will sell. At the end of 2012, the contract will expire, so theoretically CVC doesn't own anything. I think it is important
to have alternatives. We will see. We have time to do it.” Added Luca di Montezemolo.
Ferrari’s interest in Formula 1 buyout is understandable as both, the EXOR Company and Ferrari’s parent company FIAT, are linked. EXOR’s owner, John Elkann has shares in Ferrari and FIAT.
However, Luca said that Formula 1 teams have three possible options for the Formula 1 future. He explained that Formula 1 could renew its contract with CVC or find a different partner.
Citing the example of American basketball teams, the Ferrari President said that Formula 1 teams can become share holders and organize races with mutual decision.
The decision on the sport's possible future is expected on the 15th of May.
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