Teams reject F1 shares opportunity

All Formula teams have rejected an opportunity to take up shares in the F1 business after the 6-month deadline passed.

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After Liberty media brought F1 back in January they offered the teams chance to buy into the company within a 6-month window, that time has now passed and no one has taken up the offer.

Despite this liberty has said there will be further opportunities in the future.

“the investment opportunity offered to Formula 1 teams to purchase up to approximately 19 million shares of Series C Formula One common stock (‘FWONK’) has expired.” said Liberty in a statement.

“The Formula 1 teams were offered the opportunity to invest at a per share purchase price of $21.26 at the time of Liberty’s acquisition of Delta Topco Limited, the parent company of Formula 1, on January 23, 2017, and subject to a six-month investment review process.

“the approximately 19 million shares previously reserved for issuance to teams have been retired,” while confirming that it “retains the right to offer future investment opportunities to Formula 1 teams.”

Chase Carey, however, says that Liberty does still have good relationships with the teams.

“We have been actively engaged with all teams to shape a shared vision for the sport that will create real value for all stakeholders,” he said.

“While the window for this particular investment opportunity has passed, we are pleased with the collaborative discussions we are having with the teams.

“These discussions will take time, but we appreciate their receptivity towards further aligning our incentives for the long-term benefit of the sport.”

 

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