F1 Teams Hire Evolution Media Capital To Assess Value Of Media Rights

After evaluation, F1 teams will negotiate new funding agreement with its owner CVC

The Formula One Teams Association "has hired Evolution Media Capital, a boutique investment bank, to assess the value of its media rights before it negotiates a new funding agreement with CVC, the private equity firm that owns the sport," according to Garrahan & Blitz of the FINANCIAL TIMES. FOTA, F1 Management Chair Bernie Ecclestone and the FIA, the sport's governing body, next year are "due to negotiate a new 'Concorde agreement,' which divides up F1 revenues," and team owners are "anxious to secure a larger share." A source said, "This sport is probably the second or third largest in the world and the teams who take all the financial risk receive a minority share of the revenues. There is so much value that these guys are sitting on that they are not realising." Garrahan & Blitz note the hiring of EMC "comes as potential buyers have explored possible bids" for F1 (FINANCIAL TIMES, 10/24).