“Because all this is going through, they (CVC) want me to be there to help them with all sorts of things. I can’t afford to be away for five to six days” – Bernie Ecclestone
Things are moving along the path that Liberty Media will take control of F1 from private equity group CVC Capital Partners. Yet anything can happen. One thing is clear. Bernie Ecclestone say’s “They want me to be here for three years,” that is one loaded answer could mean anything and the three years better be to Bernie’s liking.
Here is what I can tell you. Chase Carey, vice-chairman of 21st Century Fox, will become the new chairman. This is a great thing. One day when David Bowie’s office called and said ” Hey Tim Rolling Stones need a broadcasting deal”, I took this to Carey who made it happen for the ‘Bridge to Babylon Tour’. Carey is also a very smart nice guy.
CVC (38.1 per cent) — A private equity firm that invests its clients’ money by buying out businesses and attempting to raise their performance, generally before selling them or listing them on the share market
Waddell & Reed (20.5 per cent) — A US-based asset management firm
LBI (12.1 per cent)
Bambino Holdings (8.4 per cent) — The Ecclestone family trust
Norges (4.1 per cent) — The Norwegian sovereign wealth fund
Bernie Ecclestone (3.3 per cent) — The man who’s effectively controlled F1 for almost 40 years
Management (2.8 per cent)
Other (10.6 per cent)
However, once the second stage of the deal goes through Liberty Media will not only own Formula One, but will actually become Formula One — changing its name to Formula One Group (with the share market ticker FWON).
And it isn’t like the existing owners of F1 will just disappear with some cash.
The second part of the deal involves another $US350 million or so worth of cash, but most of the payment to F1’s existing owners will be in newly issued Liberty Media shares.
In fact, F1’s existing owners will have a near 65 per cent economic stake in the new Formula One Group (what is currently Liberty Media), although their shares are non-voting, so the current Liberty shareholders will have control of the business.
The first stage of the deal has already been done, with Liberty now already holding its 18.7 per cent stake, while the final stage is expected to complete in the first few months of 2017.
Although the final stage of the deal is subject to approval from competition regulators, approval by Liberty shareholders (which include Warren Buffett’s Berkshire Hathaway) and the go-ahead from motorsport’s top governing body, the Federation Internationale de l’Automobile (FIA).
I used to sponsor racing teams and race car drivers. Once a race car driver I had sponsored John Graham (who also drove for Paul Newman) at the first Indy car race in Toronto came to me and said, “I’m gonna keep the car safe a try a podium third place”. When I heard these words I flew off the handle, I was just dropping $250,000 and this guy never once said I am gonna go out and try to win this.
To me racing is a game of life and death, not to be reckless but go out and let people know you are there to win full stop. Yes, you could die doing it, but it’s why you do it. I never sponsored John ever again.
Much later to sponsor a racing team of former Ferrari F1 driver (Little Lief) Stefan Johansson , his team, him personally (because the Swede Stefan is just so talented ) during a race in Le Mans, and a driver Ryan Hunter-Reay.
In F1, through Labatt Breweries of Canada, several world champion drivers, Canadian Gilles Villeneuve, Nigel Mansell, and Damon Hill. I may have one eye but I can spot a driver who has what it takes and to me Max Verstappen has what it takes and he is not taking any s**t from anyone.
The main talking point that came from Belgium Grand Prix was about Max Verstappen’s aggressive driving style, as they say in Hollywood, who gives a f**k what anyone says about you at least they are talking about you. I read the tweets, people calling him an idiot and you know what grow up and welcome to the world of racing.
“I think they should be ashamed to cause a crash like that with their amount of experience and then complain to me” – Max Verstrappen about Kimi Raikkonen and Sebastian Vettel.
Max would later explain, “on the video you can clearly see when Vettel turns in, he drives into Raikkonen and then Kimi’s car bumps into mine… I’m not gonna say come on through.” Now this is a kid I love, I’ve just seen lot of young upstarts at their first Olympics in Rio give it there all and take gold, and Max is one of my new favorite drivers, and if anyone else can’t take the heat, well you know what comes next.
Welcome to Canada and if you are traveling by train, car, bus, air, or just walking around the circuit here is a all Canadian music playlist for you to enjoy and discover some Canadian talent. The playlist has mellow start and goes from there. While there is so much talent out there, I just put this together of friends of mine or those musicians my friends know.
Megan Bonnell her recent album was fully crowd funded, from my home town Toronto, not only can she sing she can also make a mean banana bread.
Alannah Myles I used to spend a lot of time on the road with my buddy Kevin Jones who was tour manager for his brother Mick Jones of the band Foreigner, and Alannah was always around Ca Va is mellow start to the playlist.