The Formula One Group is a group of companies responsible for the promotion of the FIA Formula One World Championship, and exploitation of the sport's commercial rights. The Group was previously owned by Delta Topco, a Jersey–based company owned primarily by investment companies CVC Capital Partners, Waddell & Reed, and LBI Group, with the remaining ownership split between Bernie Ecclestone, other investment companies and company directors. It has subsequently been bought out by Liberty Media. Bernie Ecclestone, a former Formula One team boss, spent 40 years as chief executive of the company after gaining control of the commercial rights. As of June 2017, the Group is run by Chase Carey as Chairman and Chief Executive, with Ross Brawn serving as Managing Director (Sporting) and Sean Bratches serving as Managing Director (Commercial Operations). Ecclestone serves as Chairman Emeritus. In 1974, the Formula One Constructors Association (FOCA) was founded in order to increase commercial organisation of Formula One for the benefit of the racing teams. In 1978, Bernie Ecclestone became the executive of FOCA, and fought the Fédération Internationale du Sport Automobile (FISA) for control of the commercial rights of F1. Disputes were settled by March 1981 when the Concorde Agreement gave FOCA the right to negotiate TV contracts. Under previous arrangements, TV contracts were not very lucrative and were risky. When the Concorde Agreement ended in 1987, Bernie Ecclestone ceased being a team owner, and established the Formula One Promotions and Administration (FOPA), to manage TV rights for the teams. FOPA would later become known as Formula One Management (FOM). FOPA received 49% of TV revenues: 1% went to the teams, and 50% to the FIA. FOPA, however, received all the fees paid by promoters. In exchange for this, FOPA paid prize money to the teams. In 1995, the FIA decided to grant the commercial rights of F1 to Formula One Administration (managed by FOM) for a 14-year period. In exchange, Ecclestone would provide an annual payment. With FOM having exclusive rights to popular team names like Team McLaren, WilliamsF1, and Tyrrell Formula One, the aforementioned teams protested by rejecting the following Concorde Agreement in 1997. Team McLaren, WilliamsF1, Scuderia Ferrari and Renault F1 formed GPWC Holdings, and threatened to form a rival racing franchise in 2008 when their contracts ended in 2007.
F1 extends free-to-air TV coverage deal in Germany with RTL
Formula 1 has extended its rights deal with German broadcaster RTL to show practice, qualifying and races on a free-to-air basis through to...
Todt resurrects 'global engine' idea for Formula 1
FIA president Jean Todt has resurrected the idea of a 'global engine' that could be used in both Formula 1 and other motorsport series. T...