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