Formula 1 teams are still pondering the opportunity to invest in the Formula One Group, as the outfits pursue their discussions and due diligence.
The sport’s new owners have enticed the teams to become shareholders of F1, and have set aside an allocation of stock – specifically 19 million shares of the publicly traded entity FWONK – destined for the teams.
Team owners have been reluctant however to invest because of a lack of transparency and specifics linked to the purchase. They want to know exactly what they are buying into.
“We were given a short period of time to review a large investment,” Brown told Motorsport.com.
“I think the feedback to Liberty was, ‘We need to know more, we want greater visibility.’ So they have now extended that window, which is a great thing.
“It’s great to see early on they put something out, the teams had comments, and they responded favourably, saying, ‘We hear you, we’ll give you some more time, so we can have some further conversations.’ That will be something that everyone can more thoroughly review and discuss.”
Brown said that teams should concert on the investment and work with each in order to obtain the best possible deal.
“I think we as the teams can do a better job of working together. Let’s leave our competition on the track and off the track when it comes to things like sponsors.
“But I think there are times for the teams to collaborate and communicate, because we are all on the same boat, we all want to go in the same direction.
“On something like the future of the sport I think we all have the same goal. We want to make it bigger and better, so we’re all aligned around that.”
It’s worth noting that the entity which the teams are offered shares in, FWONK, and which is quoted on the Nasdaq exchange, is a mere tracking stock which reflects the performance of F1’s commercial rights and its assets.
The entity in itself does not own, and indeed is not legally allowed to, any assets associated with Formula 1 and its operations. This begs the question therefore exactly what the teams would own as shareholders in the event that they purchased shares of FWONK?
This is perhaps the true reason behind F1’s teams hesitancy and request for information from Liberty Media.
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