Friday, 26 January 2018

F1: SAUBER AND FORCE INDIA WITHDRAW EU COMPLAINT AGAINST FORMULA ONE


A joint statement issued on Thursday said the two teams had been "encouraged" by he leadership if the new F1 owners or management group if you will...
Liberty Media took over Formula One from CVC Capital Partners. In September 2015 Sauber and Force India lodged an official complaint to the European Union's Competition Commission concerning the revenue distribution model and governance of the championship. 

It was seen by the two teams that the financial privilege was bestowed onto the top 5 F1 teams namely Ferrari, Mercedes, Red Bull Racing, McLaren and Williams. 

By then CVC Capital Partners held the commercial rights to F1. 

Change of control happened with Delta Topco regarding F1 commercial management rights from CVC Capital Partners to Liberty Media in January 2017. 


In their joint statement they said "We have been greatly encouraged by the dialogue that has been introduced following the appointment Chase Carey as executive chairman and CEO of the Formula One commercial rights holder and his new management team. 

"Their approach has brought a new culture of transparency to the sport and illustrates willingness to debate fundamental issues such as distribution of prize fund monies, cost control and engine regulations. We are encouraged  and reassured by the new management of Formula One to all the teams and their issues. 

"While the concerns leading to the complaint were fully justified, we believe this new approach provides the necessary degree of assurance that our concerns will be looked at objectively, and we prefer to resolve the issues facing the sport through dialogue rather than legal dispute."

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