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F1 CEO Bernie Ecclestone Says 'Count Me In' Should F1 Come Up For Sale

F1 CEO Bernie Ecclestone "scorned talk of a crisis" within F1 by listing himself as one of four potential buyers for the business, according to Bob McKenzie of the SUNDAY TIMES. Ecclestone said, "I will tell you how much trouble F1 is in. Right now we have three parties who are seriously interested in buying F1. I won’t get into an auction -- that is not the way I like to do business. But if they did not move ahead with a purchase and the business is for sale, then you can count me in. I have had several serious backers come to me and offer to come in with me if I go ahead. I could buy tomorrow if it was necessary." The suggestion is that it will "take a couple of billion more to take F1 off the books" of private equity company CVC Capital Partners, which is believed to have made a return of more than £4B during its decade of ownership. Having built the business before selling it, Ecclestone has "no intention of seeing it fall into the 'wrong' hands, insisting he wants it to be run by someone who has the interest of the sport at heart." A Qatari-led consortium is "well advanced in putting together a deal and Ecclestone confirmed that two other interested parties are in the wings." One of those is believed to be Red Bull Owner Dietrich Mateschitz (SUNDAY TIMES, 7/5). In London, Jonathan McEvoy reported Ecclestone could "club together" with CVC Chair Donald Mackenzie, who would invest his own money in the project. CVC currently has a 35% holding in F1, while Ecclestone has a 5% stake. Talking about Mackenzie, Ecclestone said, "Whether he'll invest himself, or maybe with me, we'll have to wait and see." Despite Ecclestone’s comments, it is "unclear why he would want to invest all his money in F1 considering he turns 85 in October." A more likely scenario is that CVC will "not sell for now." Mackenzie insisted that CVC did "not need to sell-up." However, he might be "willing to do so at the right price" (DAILY MAIL, 7/4). REUTERS reported F1's commercial rights holder CVC is "under no pressure to sell its controlling stake in the sport and wants to keep it," according to Mackenzie. He would not comment on reports that RSE Ventures, the investment vehicle of NFL Miami Dolphins Owner Stephen Ross, was "teaming up with Qatar to buy CVC’s stake" in an $8B deal. Asked at the British Grand Prix whether the private equity fund had a deadline by which it had to sell its 35.5% stake, Mackenzie replied, "No, we don't. There is no end date. We have 12-year funds, which we have to return the original money" (REUTERS, 7/4).

NO SYMPATHY: The PTI reported Sahara Force India Owner Vijay Mallya said that Ecclestone should "uncrap" F1 with the help of all teams that compete in it. Mallya's comments came after Ecclestone remarked that he "has a crap product to sell." Ecclestone was apparently "referring to current hybrid turbo engines." Ecclestone said, "As you may or may not know I used to be a used-car dealer. I was good at my job and I'm still reasonably good at running things, but you [the engineers] have given me a shitty product to sell." Reacting to it, Mallya said, "How would I respond to the chief executive's comment that he had a crappy product to sell? He shouldn't be selling the product if he thought it was crap. Considering he sells the product he calls crap, but he makes billions out of it, he needs to work with the participants to un-crap it" (PTI, 7/4).  

EVERYONE IS A CRITIC: SKY SPORTS' Mike Wise wrote McLaren CEO Ron Dennis has "insisted that McLaren’s partnership with Honda will take them back to world title success" and labeled former Team Principal Eddie Jordan a "'village idiot' for suggesting that he should step down." Dennis was reminded that Jordan had "branded McLaren’s management as 'arrogant'" and that it should go. Dennis: "I consider Formula 1 a family, and families live in villages. And villages always have a village idiot. He fits the bill perfectly" (SKY SPORTS, 7/5). In London, Paul Weaver wrote Mercedes F1 Team Principal Toto Wolff has appealed to F1 to "stop being so self-critical." Wolff has "called for the sport to pull out of a vortex of criticism." Wolff: "We have got into a spiral where everybody with a negative message to deliver has found an ear. All of us involved in the sport are stakeholders and our duty is to help to promote it and make it attractive." Wolff is an "increasingly calm figure at the vanguard of F1, but he is cross to the point of incandescence at the way his sport has been attacked by officials, drivers and commentators" (GUARDIAN, 7/4). REUTERS' Alan Baldwin wrote Ecclestone said that he is "still hoping to keep Monza on the calendar" after '16 following further discussions with Italian Grand Prix officials but the situation "remains open." Asked if progress had been made, Ecclestone said, "Nothing at the moment." He confirmed, however, that another meeting with circuit representatives had taken place (REUTERS, 7/5). 

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