Menu
Finance

Ecclestone Says F1 Is Ready For IPO, Circuit Will Change Prize Money Payoffs

 F1 CEO Bernie Ecclestone said that "the board of the sport’s parent company Delta Topco has voted to proceed with the Initial Public Offering," according to Christian Sylt of the London TELEGRAPH. Sylt also reported Ecclestone revealed a shake-up of F1’s $698.5M prize fund, "which will see the last-placed team lose the $10M it currently receives every year." Of the IPO, Ecclestone said, “we have agreed to do it. It will happen this year and it will be up and running. CVC is getting on with it and putting all the bits and pieces together that they have to.” On April 26, CVC formed a Jersey-based company CVC Delta Topco Nominee, "which is understood to be part of a reorganisation of the F1 company structure" to prepare for the flotation. F1’s prize fund is split between the top 10 teams. For the past three years any that finish outside this group received $10M each as part of an agreement Ecclestone made with former FIA President Max Mosley, who introduced three new teams in '10. The payment clause was part of the Concorde Agreement that expired at the end of last year. Ecclestone subsequently signed separate commercial agreements with each team, the exception being the 11th-place team Marussia. Ecclestone: “They don’t have a commercial agreement because they are not in the top 10. We pay the top 10, that’s what we do. For three years we did something different because we had an agreement with Max, but from now on we will pay the top 10 and that is it” (TELEGRAPH, 4/28).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2013/04/29/Finance/F1-IPO.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2013/04/29/Finance/F1-IPO.aspx

CLOSE