“European Petrolheads” Left Shaking in Their Boots as American F1 “Takeover” Masterplan Gets Set in Motion

Formula 1‘s popularity has undoubtedly risen in the last few years around the world. The effect was seen more in the US than in any other country, arguably. That is visible in the massive amount of investment that is coming from there lately. The latest is the announcement of the partnership between Red Bull and Ford. However, even before that, American media company, Liberty Media’s takeover of the management of the sport was a big statement in itself. A renowned F1 journalist has now put out how blatant America’s F1 takeover is and how European counterparts need to step their game up.

Ever since the advent of Netflix’s docuseries Formula 1: Drive to Survive, the popularity of the sport has grown manifold. Many individuals and companies, including Andretti, in partnership with Cadillac, are coming forward to get a piece of the billion-dollar pie. That probably does not please European fans of the sport, according to journalist and podcast host VF Castro.

Speaking on the latest episode of her podcast The VF1 Show, she said, “The fact that the US is trying to hit F1 so hard, the fact that so many different, I mean, you’ve got Ford and Red Bull partnering. You’ve got so many different American companies joining F1 right now. I understand why so many European petrolheads and racing enthusiasts are kind of worried right now with how the US is starting to take over F1. They don’t like it. This is traditionally a European sport. And here the US comes. It’s owned by a US company.”

“We’re spending a lot of money and I understand where these thoughts come from, but once again, this basically should put every single host city on notice that this is what we’re doing. What are you guys going to do to step up because this is no longer about just these legacy races?” she added.

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Castro also alleged that the cause of the tussle between F1 and FIA is also money.

How the potential sale of F1 drove a wedge between Liberty Media and FIA

Recently, Bloomberg reported about the Liberty Media rejecting a $20 billion worth sale of Formula 1. Soon after that, FIA president Mohammed Ben Sulayem responded through social media, calling the $20 billion figure “inflated”. That became a cause of friction between the ruling body and F1’s current owners, Liberty Media. Former racer and current F1 pundit Karun Chandhok believes the reason behind the tussle is a misunderstanding. That confusion, he felt, happened as a result of the deal between Bernie Ecclestone and Max Mosley.

As per the deal, the commercial rights on the sale of F1 lie in the hands of the sport’s current management, i.e., Liberty media, owing to a 100-year lease that runs until 2110. Ben Sulayem and FIA are probably not aware of that, Chandhok believes.

Speaking on Sky Sports’ official podcast recently, he said, “At the time there was the Don King clause which gave the FIA certain veto rights, but that’s no longer valid because F1 has been listed on the New York Stock Exchange. So Ben Sulayem is saying ‘we have control’ but F1 are saying ‘no you don’t’. This is going to rumble on.”

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The 2023 season is about to start and a fight between the sport’s two giant bodies is the last thing anyone needs. Here’s hoping the issues get resolved as soon as possible.