Ecclestone: No chance of NewsCorp buying F1
Saturday 30 April 2011
Formula One (F1) boss Bernie Ecclestone says News Corporation would effectively be blocked from buying his racing series due to an agreement he has made with the European Commission (EC).
Speculation that Rupert Murdoch's News Corp might be considering a joint bid for F1 with Carlos Slim, the world's richest man, is continuing. However, speaking to The Independent, Mr Ecclestone said: "I'm sure the European Commission wouldn't let it go through because our agreement with them was to keep F1 on free-to-air television."
That deal dates from 1999, MrEcclestone said, when the EC's competition commission investigated F1 after claims its governing body, the Fédération Internationale de l'Automobile (FIA), and Ecclestone had too much control over the racing series.
Mr Ecclestone said he believed F1 to be worth "$6bn to $7bn", which would make it hard for News Corp to justify the purchase knowing it would then be forced to allow its free-to-air rivals to broadcast the racing series.
Mr Ecclestone added that even without the EC deal, News Corp would struggle to put the sport on its premium channels. "Do you think the FIA or the teams would go along with that, because all of a sudden there is no free-to-air television."
F1 teams will receive an estimated $850m from sponsorship this year and this revenue is driven by wide exposure on free-to-air television. F1 got 527 million viewers last year, more than any other sports series.
Quashing another rumour about a bid for F1 from Abu Dhabi's Mubadala sovereign wealth fund, Mr Ecclestone said: "[Current owner] CVC hasn't bothered to reply to them." Although he said CVC had no plans to sell F1, Mr Ecclestone did say he would approve of a sale to another private equity firm. "I am very happy with CVC. I have no problem with them. If it comes to a sale to another company like that I would have no problem."
- 1 Lord Sewel quits: Peer 'boasts of having sex with BBC presenter and seeing 13 mistresses'
- 2 Topshop pulls 'ridiculously skinny' mannequins after being shamed by customer on Facebook
- 3 Five-year-old boy forced classmate to simulate oral sex at primary school, claims mother
- 4 Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
- 5 Polish court orders bank to repay drugged man after he spends £23,400 in lap dance bar
Mystery over deaths of 3,000 Napoleonic soldiers in mass grave has been solved
Boris Johnson apologises after giving his wife a 'backie' on his bike on the streets of London
Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
Denmark bans kosher and halal slaughter as minister says ‘animal rights come before religion’
The 9 charts that show the 'left-wing' policies of Jeremy Corbyn the public actually agrees with
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
The last thing Labour needs is a leader like Jeremy Corbyn who people want to vote for
What the Labour party could look like under Jeremy Corbyn
I am the Jeremy Corbyn supporter that many will tell you doesn't exist
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
iJobs Money & Business
£22500 - £24500 per annum: Recruitment Genius: Inbound and outbound calls with...
£18000 - £40000 per annum: Recruitment Genius: This fast growing Insurance Bro...
£40 - 45k (DOE) + Benefits: Guru Careers: A Research Associate / Research Anal...
£90000 - £98000 per annum + benefits : Ashdown Group: A truly exciting opportu...