Formula One CEO says overhaul deal talks in ‘final stages’
INTERNATIONAL – Formula One is close to concluding years of negotiations with teams over a new charter, a crucial piece of Liberty Media Corp.’s overhaul plans for the sport, according to Chief E
xecutive Officer Chase Carey.
xecutive Officer Chase Carey.
“We’re in the final stages of it,” Carey said in an interview at the World Economic Forum in Davos, Switzerland. The current agreement between the Formula One company, its competitor teams, and the motor sport governing body, the Federation Internationale de L’Automobile, expires in a year.
Billionaire John Malone’s Liberty Media wants to make the sport more competitive and attract a larger audience — Mercedes won the last six championships, and Red Bull the four before that. It has proposed teams share revenues more evenly to keep challengers from going bankrupt so often, and spending limits be implemented so races are more about drivers’ skills than testing who can afford the best engineering.
“We have elements of the future resolved,” Carey said. “We’ve had the rules, regulations, the cost cap, those things have been resolved.”
Source: iol.co.za
