F1

Formula One Teams Open to Breakaway Series

Formula One Teams Open to Breakaway Series | Formula One Teams Setting Up Own Series from 2013

Formula One teams could consider setting up their own series from 2013 when the sport’s current ‘Concorde Agreement’ expires, Ferrari president Luca di Montezemolo said on Friday. Speaking to CNN television, the Italian said the teams had three options.

“We renew with (commercial rights holders) CVC, or we theoretically — as the basketball teams did in the US with great success — we create our own company, like the NBA. Just to run the races, the TV rights and so (on),” he said.
“And third, to find a different partner.Formula One Teams Open to Breakaway Series, Formula One Teams Setting Up Own Series from 2013, Formula One , Formula One Teams, Formula One Teams Own Series from 2013 Open to Breakaway

“(Formula One supremo) Bernie Ecclestone did a very good job but he has already sold out three times, so he doesn’t own the business any more. It is CVC that will sell. It will be the teams’ decisions. “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 the Ferrari head.

Montzemolo’s comments come amid increasing speculation about the future direction of Formula One, with the Italian also critical of a new and ‘greener’ 1.6 litre four cylinder turbocharged hybrid engine scheduled for 2013. Rupert Murdoch’s News Corp and Italian financial holding Exor, which controls glamour team Ferrari through FIAT, have teamed up to explore the possibility of creating a consortium to take over the sport.

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