News Details
F1 teams fail to take up share offer
Yesterday, 23 July, marked the deadline by which time the ten teams had to take up the offer of 19 million shares in F1. There were no takers. As part of its purchase of F1 in January, Liberty Media offered the ten teams the opportunity to invest in the series, thereby giving them a financial interest in its future. Initially, they were offered $1.1 billion worth of shares at the price ($21.26) the shares closed at on the day before the F1 buyout was announced. Had they taken advantage of the original offer, with the shares subsequently increasing 59.4% in value, the teams would have been laughing. However, leading the sceptics was Red Bull co-owner Dietrich Mateschitz, who admitted: 'I...
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