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Formula 1
F1: Grand Prix News Briefs (Update 5)
"It's cheap compared to Facebook," Bernie Ecclestone says of the price tag on Formula One...
Bernie Ecclestone says he's keeping his 5.3 percent ownership stake in Formula One. (Photo: Getty Images)
'Cheap' F1 Worth Billions - Ecclestone: Formula One is worth about $8 or $9 billion, as the sport's owner CVC confirmed it has this week sold a 21 percent stake to new investors. News of the sale coincided with the launch of pre-marketing ahead of one of the biggest ever sports floatations, data by the financial experts Thomson Reuters shows. "It's cheap compared to Facebook," chief executive Bernie Ecclestone told reporters on Tuesday, confirming that the Singapore IPO looks set to go ahead soon "with no dramas. All the things that have to happen have happened. It will be finished by the end of June," the 81-year-old is quoted by the Telegraph. F1's new one-fifth owners are US managers Waddell and Reed, the powerful Blackrock and Norway's central bank Norges. "It's a great way to start the IPO and lets investors know what they can expect," said Ecclestone. The diminutive Briton said he is keeping his 5.3 percent stake, and staying in charge. His former wife Slavica controls another 8.5 percent, the news agency Bloomberg said. "You might as well have asked Frank Sinatra who he would appoint to replace him," Ecclestone insisted. CVC said in a statement that it remains F1's biggest and controlling shareholder.
Brawn 'Back To Normal' After Heart Checks: Ross Brawn revealed on Wednesday he missed the recent Spanish GP to have checks on his heart. After handing over to his Mercedes deputy Nick Fry in Barcelona, fellow Briton Brawn is back in action as the team boss in Monte Carlo. Rumors hinted there was more to the story, but Brawn insisted to a German newspaper earlier on Wednesday that he was simply advised by doctors to take the weekend off after a night in hospital for checks. He then told reporters in Monaco his symptoms had been "arrhythmia," or an irregular heartbeat, insisting he is "back to normal now." Brawn, 57, joked the heart problem was triggered by watching an exciting football game on television.
Amid Mercedes Rumors, Di Resta Eyes 'Great Car': Paul di Resta has hinted he would leap at the chance to replace Michael Schumacher at Mercedes. The German marque's Brackley-based chief executive Nick Fry this week earmarked impressive Force India driver di Resta, earlier a Mercedes protege, as an ideal successor should Schumacher not stay beyond his 2012 contract. Asked about Fry's comments and the media speculation on Wednesday, di Resta said in Monaco: "It's always nice to have the press interest and people looking out for you, but I need to stay focused on doing the best job I possibly can." He told Sky Sports News: "It's no secret that I want to be a race winner and World Champion — and to do that, I need to be in a great car."
Valencia Slashes Seats At Loss-Making F1 Race: Valencia has once again reduced the capacity of its street circuit ahead of next month's European GP. After a 112,771 spectator sellout for the inaugural event in 2008, organizers reduced the temporary seating capacity by 35,000 on lower demand the following year. The capacity was shrunk again, to 65,000, for last year's race, and this year there will be only 45,000 places for spectators to sit amid Europe's economic crisis, according to El Pais newspaper. It means Valencia's spectator capacity has more than halved since 2008. We reported this year that although Barcelona is not convinced it should annually alternate Spain's F1 hosting rights, Valencia is insisting the arrangement go ahead starting next year, as suggested recently by Bernie Ecclestone. Until then, only 13 grandstands have been erected for the June 24 race, a figure "that may increase depending on demand," an official said. The report in El Pais explained: "The organizer's goal is to adjust the mounting costs to reduce the losses of previous years, especially in view of the high fees charged by Bernie Ecclestone."
Kovalainen Wants Midfield Push For Caterham - Manager: Heikki Kovalainen is looking for Caterham to move into the midfield, according to his new management company. Having handled his own career in the wake of Flavio Briatore's demise, Finn Kovalainen recently signed up with IMG, the sports and entertainment management giant. The 30-year-old has rebuilt his reputation since 2010 in the wake of mixed tenures for top teams Renault and McLaren. According to IMG Motorsport's head of clients Martin Anayi, Kovalainen is now regarded by F1 team bosses up and down pitlane as among the top best drivers. "He is a great guy," Anayi is quoted by Finland's Turun Sanomat newspaper. "Heikki's potential is obvious, and he definitely wants to succeed." There have been rumblings in the paddock that Kovalainen is disappointed that, despite being consistently the best of F1's new teams since 2010, Caterham is yet to break into the midfield. "This is only the team's third season, so there are still some growing paints," IMG's Anayi acknowledged. "Heikki has a strong desire to compete, and not just with his teammate Vitaly Petrov. The team's boss Tony Fernandes wants to get in with the middle group. This means that the team needs to regularly get into the Q2 stage of qualifying and in the race be aiming for the points."
Marussia Thinking 'Seriously' About KERS - Booth: Marussia needs a KERS system to catch up with its direct rivals. That is the admission of team boss John Booth, who told the Russian website championat.com that he is looking into adding the energy recovery technology to next year's Marussia package. "First of all, I want to say that while it is said it (KERS) is a 'green' technology, in reality it's just a serious waste of money," he said. "But in our situation, it's time to start thinking seriously about KERS. Of the gap to Caterham, five or six tenths is due to KERS. So we are thinking seriously about it for 2013, but so far there is no decision." Booth admitted the start of the 2012 season has been a disappointment so far for Marussia, which in its first two years was called Virgin. He said the team has recently completed a phase of serious restructuring. "We had a good team of people before, but now we have a good team of designers. Though we have been in F1 for three years, I have the feeling that we were actually born in July 2011." Booth is undoubtedly referring to the split mid-last year with former technical chief Nick Wirth, and the relocation to a new headquarters.
Finance Police Raid Monza: There is trouble afoot at Monza, the scene of the famous and historic Italian Grand Prix. On Tuesday morning, Italy's finance police the Guardia di Finanza entered the Autodromo Nazionale to investigate seven people involved with the operation of the circuit. According to Il Giorno and La Repubblica, the Monza prosecutor suspects tax offenses, false invoicing and other discrepancies in relation to Sias SpA, the circuit operator, between 2007 and 2012. Among the suspected offenses is the issuing of invoices for non-existent transactions in order to show a positive balance sheet for the running of some events. The officers raided the Sias offices and also the home of the circuit director, Enrico Ferrari, and other high ranking officials.
Brawn 'Back To Normal' After Heart Checks: Ross Brawn revealed on Wednesday he missed the recent Spanish GP to have checks on his heart. After handing over to his Mercedes deputy Nick Fry in Barcelona, fellow Briton Brawn is back in action as the team boss in Monte Carlo. Rumors hinted there was more to the story, but Brawn insisted to a German newspaper earlier on Wednesday that he was simply advised by doctors to take the weekend off after a night in hospital for checks. He then told reporters in Monaco his symptoms had been "arrhythmia," or an irregular heartbeat, insisting he is "back to normal now." Brawn, 57, joked the heart problem was triggered by watching an exciting football game on television.
Amid Mercedes Rumors, Di Resta Eyes 'Great Car': Paul di Resta has hinted he would leap at the chance to replace Michael Schumacher at Mercedes. The German marque's Brackley-based chief executive Nick Fry this week earmarked impressive Force India driver di Resta, earlier a Mercedes protege, as an ideal successor should Schumacher not stay beyond his 2012 contract. Asked about Fry's comments and the media speculation on Wednesday, di Resta said in Monaco: "It's always nice to have the press interest and people looking out for you, but I need to stay focused on doing the best job I possibly can." He told Sky Sports News: "It's no secret that I want to be a race winner and World Champion — and to do that, I need to be in a great car."
Valencia Slashes Seats At Loss-Making F1 Race: Valencia has once again reduced the capacity of its street circuit ahead of next month's European GP. After a 112,771 spectator sellout for the inaugural event in 2008, organizers reduced the temporary seating capacity by 35,000 on lower demand the following year. The capacity was shrunk again, to 65,000, for last year's race, and this year there will be only 45,000 places for spectators to sit amid Europe's economic crisis, according to El Pais newspaper. It means Valencia's spectator capacity has more than halved since 2008. We reported this year that although Barcelona is not convinced it should annually alternate Spain's F1 hosting rights, Valencia is insisting the arrangement go ahead starting next year, as suggested recently by Bernie Ecclestone. Until then, only 13 grandstands have been erected for the June 24 race, a figure "that may increase depending on demand," an official said. The report in El Pais explained: "The organizer's goal is to adjust the mounting costs to reduce the losses of previous years, especially in view of the high fees charged by Bernie Ecclestone."
Kovalainen Wants Midfield Push For Caterham - Manager: Heikki Kovalainen is looking for Caterham to move into the midfield, according to his new management company. Having handled his own career in the wake of Flavio Briatore's demise, Finn Kovalainen recently signed up with IMG, the sports and entertainment management giant. The 30-year-old has rebuilt his reputation since 2010 in the wake of mixed tenures for top teams Renault and McLaren. According to IMG Motorsport's head of clients Martin Anayi, Kovalainen is now regarded by F1 team bosses up and down pitlane as among the top best drivers. "He is a great guy," Anayi is quoted by Finland's Turun Sanomat newspaper. "Heikki's potential is obvious, and he definitely wants to succeed." There have been rumblings in the paddock that Kovalainen is disappointed that, despite being consistently the best of F1's new teams since 2010, Caterham is yet to break into the midfield. "This is only the team's third season, so there are still some growing paints," IMG's Anayi acknowledged. "Heikki has a strong desire to compete, and not just with his teammate Vitaly Petrov. The team's boss Tony Fernandes wants to get in with the middle group. This means that the team needs to regularly get into the Q2 stage of qualifying and in the race be aiming for the points."
Marussia Thinking 'Seriously' About KERS - Booth: Marussia needs a KERS system to catch up with its direct rivals. That is the admission of team boss John Booth, who told the Russian website championat.com that he is looking into adding the energy recovery technology to next year's Marussia package. "First of all, I want to say that while it is said it (KERS) is a 'green' technology, in reality it's just a serious waste of money," he said. "But in our situation, it's time to start thinking seriously about KERS. Of the gap to Caterham, five or six tenths is due to KERS. So we are thinking seriously about it for 2013, but so far there is no decision." Booth admitted the start of the 2012 season has been a disappointment so far for Marussia, which in its first two years was called Virgin. He said the team has recently completed a phase of serious restructuring. "We had a good team of people before, but now we have a good team of designers. Though we have been in F1 for three years, I have the feeling that we were actually born in July 2011." Booth is undoubtedly referring to the split mid-last year with former technical chief Nick Wirth, and the relocation to a new headquarters.
Finance Police Raid Monza: There is trouble afoot at Monza, the scene of the famous and historic Italian Grand Prix. On Tuesday morning, Italy's finance police the Guardia di Finanza entered the Autodromo Nazionale to investigate seven people involved with the operation of the circuit. According to Il Giorno and La Repubblica, the Monza prosecutor suspects tax offenses, false invoicing and other discrepancies in relation to Sias SpA, the circuit operator, between 2007 and 2012. Among the suspected offenses is the issuing of invoices for non-existent transactions in order to show a positive balance sheet for the running of some events. The officers raided the Sias offices and also the home of the circuit director, Enrico Ferrari, and other high ranking officials.
Grand Prix of Bahrain
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