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Old 30 Jan 2017, 16:07 (Ref:3707826)   #16
NaBUru38
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Originally Posted by F1Guy View Post
Statement from Bernie Ecclestone.

"The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive. This, I have done for the different shareholders over the last years and also when I owned 100 percent of the company.

ďI would have loved the luxury of what Chase Carey, the CEO, is able to do. I hope the F1 supporters appreciate this.
It's not the first time that I have read this. Bernie has said before that he was told by the older owners to get profit no matter what.

Liberty is believed to want to grow F1 as a healthy, long-term business. It's the opposite of Bernie's old goals.
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Old 30 Jan 2017, 17:39 (Ref:3707862)   #17
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one question that never gets asked though is who had their money invested in CVC's F1 hedge fund?

rather CVC was just the manager of said hedge fund and given the unbelievable rates of return and the massive amount that was being pulling out of F1, i dont think its a stretch to think, given his relationship with CVC and FOM, that BE was one of the those investors.

if that was the case, then in addition to CVC being BE's boss via FOM management...as an investor in CVC, BE (or his family trusts) would have been (like all the other investors in the F1 hedge fund) one of CVC's bosses as well.

maybe a bit of tin foil hat time, but its entirely possible that those who once invested their money with CVC are also heavily leveraged in Liberty stocks...in effect leaving us with the very same group of investors ('owners') with the same demands for high rates of returns placed on CVC.

Last edited by chillibowl; 30 Jan 2017 at 17:45.
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Old 30 Jan 2017, 18:12 (Ref:3707877)   #18
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chillibowl, the original investors in the purchase of F1 through CVC had their investments repaid a number of years ago - I'm afraid I don't recall exactly when - and that is why CVC have not been under any pressure to sell up as per their original contracts with the investors.

Mr E and Slavica Ecclestone's Bambino Trust are both independent shareholders in F, and I believe that they still retain shareholdings in the new Formula One Group.

But in effect, CVC itself has, over recent years, been the beneficial owner of F1.
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Old 30 Jan 2017, 19:14 (Ref:3707892)   #19
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in fairness, i dont know much about how CVC structured their investment in F1 for those who had bought into/invested in CVC's portfolio so no arguments from me on that.

my point was more about (and poorly explained) not knowing much about CVC's investors (other then what one would assume is a motive to see the best return on their investment) is no different to the approach (again i assume) that shareholders in Liberty have.

i guess when it comes down to it, while Liberty may be talking a great game, the cynical side of me just sees them as another investment vehicle that thinks F1 is being under monetized.

suffice it to say, this is not a thought that fills me with hope for the types of changes i would like to see happen. (which actually makes my point completely off topic for this thread...sorry)
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Old 30 Jan 2017, 19:14 (Ref:3707893)   #20
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In the recent past, it's always been track owners and small teams who were most at odds with Bernie's business model of F1. Possibly, they have hopes now of being better off with Liberty than they were with Bernie previously.

So if a rival series "GP1" were to materialize, where would they get their teams from? Manor has just closed down. They won't run in either series. Maybe new teams could be attracted if customer cars were allowed. But could this become the "pinnacle of motorsport"? I don't think so, and Bernie and everyone else involved sure remembers the CART/IRL split of IndyCar and how that turned out for the overall popularity of the sport.

Besides, where would GP1 run their races at? The FIA sanctioning racetracks pretty much guarantees that no non-FIA approved series runs anywhere.

And that's when this train of thought of a breakaway series comes to an end. I mean you can't have series with just Ferrari on it. In the end, Marchionne's guys will realize that it's cheaper to give up some privileges and remain in F1 than going with a rival series.

Yet, all players probably want to try out now how much they can fool Liberty for their own benefits. Liberty now goes from the Paddock Club to the Piranha Club with no return ticket.
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Old 1 Feb 2017, 16:18 (Ref:3708432)   #21
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I think there is in vain to even think about Bernie's rival series. F1 is F1, no matter who masters it.
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Old 1 Feb 2017, 17:27 (Ref:3708452)   #22
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Put Bernie on a 5 year gardening leave, or Chairman Emeritus as it is called, and you might not have to worry about him setting up a rival series.
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Old 1 Feb 2017, 17:31 (Ref:3708454)   #23
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I think it's alot of old 'who-ha' in the words of Al Pacino. Certainly whatever project that slippery slob Flavio is doing, I'll have nuthin' to do with it.
Second that sentiment
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Old 2 Feb 2017, 10:16 (Ref:3708652)   #24
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Interestingly now that Liberty has taken over, GP2 is looking like it will become the new FIA F2, when earlier Bernie said GP2 was better off without the FIA
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Old 2 Feb 2017, 13:52 (Ref:3708706)   #25
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putting two and two together and getting nine, i reckon that name change suggests we'll see the end of gp3 in the next year or two. hopefully that'd make f3 more competitive again and bring back decent grid sizes.
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Old 2 Feb 2017, 21:30 (Ref:3708857)   #26
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BE is many things but stupid is not one of them.
He'll want to see F1 succeed in the short term (or at least not implode.)
I can also see Liberty calling him back in to talk with the promoters (existing and new) as BE knows them all and how to deal with them.
However, I can't see Mr E just sitting at home bothering the garden for too long, he's been an active participant in business for too long to suddenly stop. (Maybe a cause outside of motorsport?)
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Old 2 Feb 2017, 21:49 (Ref:3708867)   #27
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I can also see Liberty calling him back in to talk with the promoters (existing and new) as BE knows them all and how to deal with them.
I can imagine the potential for Liberty to consult with BE (as needed and of course as a paid consultant) but I would be absolutely shocked if it was anything else including something as you suggest (direct involvement in contract negotiations). In fact I wouldn't be shocked if his involvement is 100% done already. If the wanted him around as a security blanket they wouldn't have cut him loose.

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Old 3 Feb 2017, 07:30 (Ref:3708961)   #28
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I can imagine the potential for Liberty to consult with BE (as needed and of course as a paid consultant) but I would be absolutely shocked if it was anything else including something as you suggest (direct involvement in contract negotiations). In fact I wouldn't be shocked if his involvement is 100% done already. If the wanted him around as a security blanket they wouldn't have cut him loose.

Richard
The corollary being, if Bernie truly wanted to stay involved he probably would have and Liberty would not have got the deal they got!
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Old 3 Feb 2017, 08:45 (Ref:3708981)   #29
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I can imagine the potential for Liberty to consult with BE (as needed and of course as a paid consultant) but I would be absolutely shocked if it was anything else including something as you suggest (direct involvement in contract negotiations). In fact I wouldn't be shocked if his involvement is 100% done already. If the wanted him around as a security blanket they wouldn't have cut him loose.

Richard
But haven't they retained access to Bernie with his 'Chairman Emeritus' role (or whatever the Latin phrase was that they used)?
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Old 3 Feb 2017, 10:23 (Ref:3708991)   #30
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But haven't they retained access to Bernie with his 'Chairman Emeritus' role (or whatever the Latin phrase was that they used)?
Fair point. I forgot about that. Either it is a real role, a polite face saving gesture or a bit of both. Given he has some type of title I would assume he is still on the payroll somehow. BE seems to act as he has been locked out, so maybe its more of the face saving scenario with it being up to BE to decide to go along with the charade or not. I guess time will tell if, how and when they may utilize him.

To the point earlier about him starting a break away series (which seems to have been put to bed), he couldn't have it both ways... work for Liberty in some role and create a direct competitor at the same time. I posted earlier about non-competition clause. If he is still employed somehow, Liberty would be crazy for not having him already sign that type of agreement. If all ties were completely broken, then I might believe no agreement exists.

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