Ferrari Could Take $25M Stake In F1 With Delta Topco
F1 business journalists Christian Sylt and Caroline Reid reveal that, as a non-executive director of the sport’s holding company Delta Topco, departing Ferrari president held an option to buy into F1 to the tune of about $25 million.
But a source close the Maranello team explained: “Ferrari, not Mr Montezemolo, is entitled to exercise the rights.”
The source added that “these rights are for Ferrari, and once again not ad personam for Mr Montezemolo”.
Montezemolo received the option in 2012 as formula one organised itself ahead of a floatation on the Singapore Stock Exchange.
But the sport’s majority owner CVC delayed the floatation amid the eurozone crisis in 2012 and the corruption scandal surrounding F1 supremo Bernie Ecclestone.
What is Delta Topco in F1?
The Formula One Group is a group of companies responsible for the promotion of the FIAFormula One World Championship and exploitation of the sport’s commercial rights. Bernie Ecclestone, a former Formula One team boss, has run the company since gaining control of the commercial rights. The Group is owned ultimately 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.
The Formula One Group is controlled by its shareholders through the Delta Topco holding company, which through a number of holding companies registered in the United Kingdom, Jersey and Luxembourg controls the SLEC Holdings company, the Formula One Group’s immediate owner. The Formula One Group comprises several subsidiary companies which control the various rights, management, and licensing operations of the Formula One World Championship.