--
 
Top new models for SA

From Renault's new Alaskan bakkie to the latest models at the Frankfurt motor show bound for SA.

Electric cars in SA

The debate on whether or not Electric Vehicles (EV) are viable in South Africa rages on.

Ferrari to own R276-million stake in F1?

2014-09-15 09:55

END OF AN ERA: Outgoing Ferrari President Luca Di Montezemolo (left) poses with Fiat-Chrysler CEO Sergio Marchionne following a press conference in Maranello, Italy on September 10 2014. Image: AP/Antonio Calanni

LONDON, England - Ferrari could become the first F1 team to actually own a stake in the sport, the Telegraph reports.

F1 business journalists Christian Sylt and Caroline Reid revealed that, as a non-executive director of the sport's holding company Delta Topco, departing Ferrari president, Luza di Montezemolo, held an option to buy into F1 to the tune of R276-million.

A source close the Maranello team explained: "Ferrari, not Montezemolo, is entitled to exercise the rights."

'THESE RIGHTS ARE FOR FERRARI'

The source added that "these rights are for Ferrari, and once again not ad personam for Mr Montezemolo".

Montezemolo received the option in 2012 as F1 organised itself ahead of a floatation on the Singapore Stock Exchange.

The sport's majority owner CVC delayed the floatation amid the eurozone crisis in 2012 and the corruption scandal surrounding F1 supremo Bernie Ecclestone.


Stay with Wheels24 for the 2014 Singapore GP this weekend.
NEXT ON WHEELS24X
Read more on:    ferrari  |  motorsport  |  formula 1

Inside Wheels24

There are new stories on the homepage. Click here to see them.