F1's fight to keep its income streams

F1's fight to keep its income streams

Dieter Rencken analyses the sport's fight to keep its sources of income alive in these difficult times

Not a good time to be Delta Topco, this. The entity is, of course, the investment vehicle established by CVC Capital Partners to exploit the commercial rights to the Formula 1 World Championship, the lease to which had previously been granted to companies controlled by F1 tsar Bernie Ecclestone's family trust and other interests.

In March 2006 CVC acquired what it (erroneously) deems 'majority control of Formula 1' (it does not control F1 at all; controls merely the commercial rights to a sport indisputably the FIA's property) by way of investor funds, with projected future earnings then being put up as collateral for loans from, amongst others, the now-embattled Royal Bank of Scotland.

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