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GP Week : Issue 145
WHILE the television screens are filled with the action on track, the real action in the paddock this weekend happened far from the madding crowds. F1’s drivers might be battling for their championships, but the teams are fighting for their share of the sport’s spoils. And if recent rumours concerning the division of profits under the forthcoming Concorde Agreement prove accurate, the big boys will be profiting at the expense of those backmarkers for whom life is an eternal struggle. It has long been accepted that Ferrari earn additional money from the Formula One prize fund thanks to their position as the sport’s most iconic brand. But leaked documents that purport to explain the future division of prize money will see the likes of Ferrari and Red Bull claim extra millions from the same size pot, leaving the rest of the field somewhat empty-handed. According to an in-depth report that appeared on the Sky Sports website before hastily being removed, Ferrari’s status as F1’s longest-ser ving team will enable the Scuderia to apply for a share in the Formula One holding company, giving the Italian racers a greater say in the way the sport is operated. “The Commercial Rights Holder shall procure that Holdco grants to [Ferrari] the right during the term [2013-2020] to apply for the allotment to it of (and upon such application to be allotted) one redeemable ordinary share of $0.01 in the capital of Holdco (the LST share) for cash at par subject to Holdco’s articles of association,” Sky claim the document said. “The LST share shall rank pari passu with an ordinary share of Holdco including as to voting rights and dividend entitlements save only that...the LST share shall confer on the Longest Standing Team the following special rights until a Listing.” A representative from Red Bull will also reportedly be invited to join the board, although with a lower-status seat than Ferrari. Bernie Ecclestone is famed for his negotiating skills, and Red Bull and Ferrari are not the only teams lined up to benefit from the alleged terms of the new Concorde Agreement. Any team that signs up to the new deal and has won the constructors’ championship since 2000 without leaving the sport or changing their chassis name is in line to earn $10 million. Teams that have won the WCC since 2000 will earn $5 million per title, while teams that have competed using the same chassis name since 2000 will also earn $5 million. Finally, Red Bull look set to earn an additional $35 million thanks to a clause that awards the hefty financial prize to any team that has won the World Constructors’ Championship “in any two or more consecutive seasons including or after the 2008 season” . Ferrari’s Longest Standing Team award and Red Bull’s Double Champions haul are stand-alone prizes that do not come from the F1 prize fund, believed to stand at 47.5 percent of the sport’s commercial profits. The other awards, however, do come out of the kitty, leaving a vastly reduced prize fund for the other 10 teams on the grid. To benefit, teams must have signed on to the new deal before 15 February 2012, which GPWEEK believes has left all FOTA members out in the cold. SMALL TEAMS TO BE SACRIFICED FOR PACESETTER’S PROFIT EDITOR: Adam Hay-Nicholls email@example.com ASSISTANT EDITORS: Naoise Holohan, Kate Walker MOTOGP EDITOR: Michael Scott firstname.lastname@example.org RALLY EDITOR: Martin Holmes email@example.com PRODUCTION ARTIST: Cedric Dufour PHOTOGRAPHY: Sutton Motorsport Images www.sutton-images.com Keith Sutton firstname.lastname@example.org PUBLISHER: Chris Lambden email@example.com PUBLISHED BY: Grand Prix Week Ltd 61 Watling Street, Towcester Northants NN12 6AG United Kingdom ADVERTISING: n Richard Partridge firstname.lastname@example.org Ph: + 44 1273 232 566 Mob: + 44 7771 567 644 n Mark Sutton email@example.com n Gaye Grinsted (WRC/MotoGP) firstname.lastname@example.org Ph: +44 (0) 207 254 8796 Mob: +44 (0) 7921 283 070 SE Asia, Australasia GPWEEK (Australia) email@example.com Material published in GP WEEK is copyright and cannot be reproduced (or photocopied) other than for individual personal use. .com WEEK 4 GPWEEK.com // PARTNERS: F1 >>> NEWS