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Bernie: Teams to buy into F1

2014-04-10 10:59

A WAY TO STAY AT THE TOP: By fronting prospective team shareholders, Bernie Eccletone couldremain in control of F1 regardless of the outcome of his bribery trail in Germany later in Apri. Image: AFP

LONDON, England -  Formula 1 chief executive boss Bernie Ecclestone revealed that a group of teams is considering buying into Formula 1.

It was rumoured in Bahrain that Eccletone, who owns 5% of F1, was putting the group of teams together in a possible move to buy out the majority shareholder CVC.

Ecclestone is facing trial in Germany later in April 2014 on bribery charges and if convicted, CVC has committed to axing him.

'JUST A CONVERSATION'

It is rumoured that fronting the prospective team shareholders could be a way for him to remain in control regardless of the outcome in Munich.

Eccletone said that a group of teams is indeed "having a conversation" about buying into F1. He would not identify the teams, and insisted he is not part of the talks.

Ecclestone said: "We'll see what the group comes up with - maybe they will get enough together to buy shares." He added that the talks for now are "just a conversation" and "may not go anywhere".

Also rumoured in Bahrain was that Ferrari and Red Bull are the major players in the consortium, having joined with Ecclestone in being highly critical of the new 2014 rules in a bid to devalue the sport ahead of a takeover bid.

When asked by the British broadcaster Sky in Bahrain if devaluing F1 was his plan, Ecclestone answered "Not really".
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