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.
Sapphire House, Churchill Way, Biggin Hill Airport
Miami To Vote Next Week On F1 Grand Prix
The Miami City Commission will meet next week to vote on a contract for the proposed Formula 1 Miami Grand Prix, according to Autosport....
Formula 1 pushing for bigger wheels in 2021
A switch from 13-inch to 18-inch wheels is set be part of the 2021 F1 rules package that is currently being formulated by a team of engineer...
F1: Mallya Steps Down As Force India Director
Formula 1 has reported Vijay Mallya has stepped down from his role as director of Force India. He will remain a shareholder and team princip...
Hybrid F1 regulations went too far, says Todt
FIA president Jean Todt admits that the current Formula 1 engine regulations went "a bit too far" in terms of complexity. Todt says that...
F1 wants to "get rid" of grid penalties for 2021
Formula 1 chiefs are aiming to get rid of grid penalties in all but exceptional circumstances under the 2021 rules, with gearbox regulations...
ESPN To Expand Spanish Grand Prix Coverage
ESPN announced plans to expand its coverage of next week’s Formula 1 Spanish Grand Prix at the Circuit de Barcelona-Catalunya taking place F...
F1 chiefs pass overtaking rule changes despite team opposition
The F1 Commission has voted through last-minute changes to the 2019 aerodynamic package to aid overtaking – despite opposition from several...
F1 could use Aston Martin against Ferrari quit threat
Aston Martin believes Formula 1 can use its intention to become an engine supplier in 2021 as a bargaining chip against Ferrari's threats to...
Liberty frustrated by "public discord" over F1 future talks
Liberty Media's boss Greg Maffei has been surprised by the "noise" that has surrounded negotiations with F1 teams over the sport's future be...