F1

FIA's Todt throws a spanner in F1 plans

May 24 (GMM) As powerful businessmen slice up the F1 pie, the sport's governing body also wants a piece.

Jean Todt, FIA President
Jean Todt, FIA President

Photo by: xpb.cc

Amid all the talk about the planned multi-billion Singapore floatation, a crucial detail has been missing: the sanctioning body, the Paris based FIA, is yet to sign the new Concorde Agreement.

Sky News reported on Thursday that president Jean Todt has appointed an investment bank to advise on the implications of the current goings-on.

"This is a pretty naked effort by the FIA to get its hands on part of the economic value that F1's management and owners have created," an insider said.

"They are moving on this now because it is the moment of maximum disruption."

Another missing piece of the puzzle is Mercedes' signature, as the carmaker's disagreement with Bernie Ecclestone threatens to blow a hole in the sport's valuation.

"I think we've got a long way to go before we arrive at the final solutions," team boss Ross Brawn told reporters in Monaco.

"I don't think things are closed yet."

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About this article
Series F1
Tags brawn, concorde, ecclestone, fia, fom, mercedes, todt

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