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GP Week : Issue 156
BRIEFLY » Concorde Agreement negotiations are going strong, with F1 supremo Bernie Ecclestone drip- feeding morsels of information to the media as and when it suits him. The latest information to emerge dealt largely with the division of spoils; teams will split a £115 million signing bonus for agreeing to the Concorde. In addition, teams will see a marginal increase to their share of the profits, an anonymous inside source told The Guardian: “The current deal pays the teams 50 percent plus some extras which means it pays them about 59 percent. The new deal is basically 60 percent plus a little bit more so it is going to be about 63 percent.” It was also confirmed that the Formula One calendar is likely to expand further still, with Ecclestone proposing a 22-23 race season. » Contrary to rumours doing the rounds last week, Sebastian Vettel will not be moving to Ferrari. The German racer has spent much of the past week denying rumours that he will leave Red Bull for the red suit when his current contract expires at the end of 2013. “I know nothing about it. I've never signed anything,” the Red Bull driver told German tabloid Bild. In an interview with Autosport the defending world champion spoke of his affection for his team. “I've been wearing a Red Bull helmet for almost my entire career,” he said. “It is difficult to imagine another kind of life if you are so used to it. It would be like when you turn 18, 19, and you move out of your family's home. I am very happy where I am right now and I don't want to move on to anywhere else.” » Sad to report the death on Sunday of one of Britain's much-loved former drivers, Roy Salvadori, 90. A good friend of Bernie Ecclestone, Salvadori is probably best remembered for his 1959 Le Mans win in an Aston Martin, sharing the car with Caroll Shelby, who also died recently. After he quit racing, having never quite managed to win a GP, he managed the Cooper team for two years in the mid-60s – one of the young mechanics was a certain Ron Dennis ... The much-vaunted Formula One stock market flotation has been postponed amid rumours of a possible cancellation. F1 supremo Bernie Ecclestone confirmed this week that the initial public offering had been delayed as a reaction to a dip in the markets triggered by the backlash against the Facebook IPO, as GPWEEK reported might happen in the last issue. “We're going through all the normal motions,” Ecclestone told Reuters. “We are getting prepared so all these things are done and then whenever we want to go, we can go.” News that the IPO was to be delayed triggered that it would be cancelled, as happened the last time the idea was mooted. But Ecclestone is confident the IPO will be going ahead, telling Reuters: “It's going to be this year, we said we would do it this year.” The $3 billion IPO was originally believed to be taking place on the Singapore stock exchange in July, but last month there were reports that efforts were being made to bring the flotation for ward to early June. Last month it was revealed that Waddell & Reed, BlackRock, and Norges Bank Investment Management had agreed to take a 21 percent stake for a reported $1.6 billion. But in the wake of the rapid devaluation of Facebook’s share value amid lawsuits and accusations of misrepresentations of financial forecasting data, combined with markets reacting to the crisis in the Eurozone, investors are getting cold feet. Jewellery firm Graff Diamonds last week pulled its planned $1 billion flotation amid concerns about the state of the markets; the belief now is that a delay of a few months will lead to increased share value in a more stable market. F1 IPO DELAYED INDEFINITELY, RUMOURED CANCELLED ONE WAY TO SHOW HOW IT WORKS The Sauber engineers have come up with a unique (and rather time-consuming) means of showing the outside world how an F1 car works. They simply spent some months cutting a car in two ... And here is the interesting result: 8 GPWEEK.com // PARTNERS: F1 >>> NEWS