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EU 'could rip-up fortune in F1 contracts'

2014-12-04 07:53

EU TO INVESTIGATE F1: Max Mosley could be the head of a EU Competition Commission probe into F1 contracts. Image: AFP

LONDON, England - European Union investigators could "rip up" R9-billion in Formula 1 contracts, former International Automobile Federation president Mosley has warned in a British newspaper interview published on Wednesday (Dec 3 2014).

Four F1 teams - Force India, Lotus, Sauber, Marussia - have been urged to make legal submissions to the EU's Competition Commission over what is claimed to be unequal wealth distribution in the sport.

Mosley has reportedly been identified by industry insiders as a potential arbitrator who could head-up the EU probe but, although he played down the reports, he warned that the sport faced a grave threat.

PROBE INTO DISTRIBUTION

Mosley said: "If the EU comes in, it can rip up the whole thing. I'm flattered by the idea that I could be involved. I am out of touch but I will do anything I can to help if all of the relevant parties agree."

EU investigators would be expected to probe how the R9-billion distributed among teams by CVC Capital Partners, the private equity employers of F1 chief executive Bernie Ecclestone, is shared out.

Most of the money goes to the biggest teams in the sport: currently Mercedes, Red Bull, Ferrari, McLaren and Williams.

The Marussia team folded in November 2014; Caterham missed two races of the 2014 season after going under administration but has been given a special dispensation to race in 2015 if it can find a buyer.

Ecclestone rejected the allegations that the sport was in crisis. "Absolute nonsense." he said. "We've had a couple of teams in crisis. People come and go - they need to know how much is coming in and how much is going out."

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Read more on:    fia  |  max mosley  |  england  |  motorsport  |  formula 1

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