JANUARY 25, 2017
Teams turned down offer of F1 shares says Wolff
F1 teams turned down Liberty Media's offer to become co-owners of the sport.
That is the news from Toto Wolff, boss of the championship winning Mercedes team.
As the American company Liberty Media took over F1 this week, it urged the teams to consider an offer to buy up to 20 per cent.
But we reported that because the teams were not being offered voting rights, they turned it down.
Wolff confirmed to Germany's DPA news agency: "It was offered to us, but no team took it up.
"There wasn't time," the Austrian explained, "and the conditions are not yet fully aligned between the interests of the selling shareholder CVC and the long-term interests of the teams, which are first and foremost about the sport and its sustainability.
"Now we need to work with Liberty," Wolff added.
Wolff said he expects that forthcoming talks with Liberty will be fruitful.
"Liberty is aware of the fact that, together with the drivers, the teams are an essential part of the show.
"At the same time, we must be aware that there is an entertainment factor and we are competing with anyone who has a video on Youtube," he said.