‘Top teams to discuss F1 future’

Date published: May 6 2011

F1’s top teams Red Bull, McLaren, Ferrari and Mercedes will reportedly to meet next week to discuss the future in various aspects of the sport…

F1’s top teams Red Bull, McLaren, Ferrari and Mercedes will reportedly to meet next week to discuss the future in various aspects of the sport including a possible buy-out.

The report said that the teams are set to convene on May 14 at the Mercedes headquarters in Germany.

The Daily Telegraph named as topics “a range of issues including negotiations over the new Concorde Agreement, various technical regulations including the planned switch to a new 1.6-litre turbo engine from 2013 and, of course, the potential takeover of the sport by a consortium including Rupert Murdoch’s News International and Exor, an investment firm with links to Ferrari.”

In a joint statement released on Tuesday, Exor and News Corporation said they were considering becoming involved in Formula One. Current owners CVC confirmed on Wednesday they have received an approach by the consortium with a view to a potential buy-out.

Exor are already involved in the motor industry as they are controlled by the Agnelli family and the Chief Executive is John Elkann, the Fiat chairman. Fiat, in turn, own Ferrari, who are one of the most important Formula One teams.

“McLaren, Mercedes and Red Bull are likely to grill Ferrari on their intentions with regard to the News Corp-Exor partnership. They may even investigate the possibility of joining the consortium themselves and trying to become joint owners in Formula One,” said the newspaper.

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