Montezemolo rekindles breakaway series talk
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05-13-2011 | 10:11 PM
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Montezemolo rekindles breakaway series talk
Montezemolo rekindles breakaway series talk - GPUpdate.net
Ferrari President Luca di Montezemolo has stated that a breakaway championship could be possible in the near future, with 2013 being outlined as the main opportunity. The 63-year-old believes there is no obligation for the 12 teams involved in the sport to continue after 2012, the year when the agreement with current owners CVC and commercial rights holder Bernie Ecclestone runs out.
"I think we have to be very pragmatic," the Italian told CNN. "At the end of 2012, the contracts of every single team with CVC will expire. So, we have three alternatives. We renew with CVC, or we theoretically - as the basketball teams did in the U.S. with great success - we create our own company, like the NBA. Just to run the races, the TV rights and so.
"And third, to find a different partner. Bernie Ecclestone did a very good job but he has already sold out three times, so he doesn't own the business anymore. It is CVC that will sell. It will be the teams' decisions.
"At the end of 2012, the contract will expire, so theoretically CVC doesn't own anything. I think it is important to have alternatives. We will see. We have time to do it."
Ferrari President Luca di Montezemolo has stated that a breakaway championship could be possible in the near future, with 2013 being outlined as the main opportunity. The 63-year-old believes there is no obligation for the 12 teams involved in the sport to continue after 2012, the year when the agreement with current owners CVC and commercial rights holder Bernie Ecclestone runs out.
"I think we have to be very pragmatic," the Italian told CNN. "At the end of 2012, the contracts of every single team with CVC will expire. So, we have three alternatives. We renew with CVC, or we theoretically - as the basketball teams did in the U.S. with great success - we create our own company, like the NBA. Just to run the races, the TV rights and so.
"And third, to find a different partner. Bernie Ecclestone did a very good job but he has already sold out three times, so he doesn't own the business anymore. It is CVC that will sell. It will be the teams' decisions.
"At the end of 2012, the contract will expire, so theoretically CVC doesn't own anything. I think it is important to have alternatives. We will see. We have time to do it."
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