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As E.B. says, a considerable amount of the reduction in profits is attributable to the way that Liberty are running FOM now.
In Mr E's days, he ran the business, because that is what it is, from a room in his London apartment with the assistance of one full time member of staff; I don't think that there were even any part-timers in the "organisation".
The moment Liberty took over, they leased an office building in one of the most expensive parts of London, and it is stuffed full of very well remunerated staff to carry out all the things that BCE did virtually single handed.
And can anyone say with their hands on their hearts that, so far at least, they are doing a better job than Bernie. OK, I acknowledge that they are trying to open up F1 to modern media outlets, but reports and comments that I have read say that that is not going extremely well at the moment.
So as has been said about something else, what has Liberty ever done for us?
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