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Liberty Media will struggle to sell Formula 1 - Igor Yermilin

2019-02-08 11:29

F1 BOSS: Chase Carey was installed as CEO of Formula 1 after Liberty Media bought the series in early 2017. Image: AFP / Andrej Isakovic

Liberty Media will struggle to sell Formula 1 for a profit.

That is the view of Igor Yermilin, president of Russia's motor racing federation.

'Completely expected'

He was asked by Russia's Sportbox publication about rumours that, beset with growing problems and unrest, the American company might be looking to sell.

READ: Liberty Media 'underestimated' Formula 1 takeover - Christian Horner

"The situation is completely expected. The current management wanted to start improving F1 but it turned out to be a lot more difficult," Yermilin said.

"They have neither the experience nor the ability to finely control the process, as Bernie Ecclestone did. And all the uncertainties that arise in such a situation generate the rumours," he said.

"All the loud statements from Liberty Media are slowly stopping and now we hear almost nothing from them.

"There are still no new technical regulations. The Concorde Agreement expires soon but that is not very clear, and there are problems with the original promoters who have had grands prix for decades," added Yermilin.

As for the sale rumours, Yermilin said Liberty Media would certainly make a loss.

"It is very difficult to find a buyer who is ready to spend the amount the Americans would need after everything they have spent. They would need to sell it more expensively than they bought it, but there is hardly anyone who is ready to do that," he said.

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