F1: Ferrari’s (NYSE:RACE) Boss Renews Threat to ‘Quit’
- Ferrari is F1 and MercedesAMG will follow The Scuderia, as will the fans worldwide.
Ferrari’s Chairman Sergio Marchionne sent out a reminder to FIA and Liberty Media (NASDAQ:LMCA) of what’s at stake in F1’s discussions about the long-term future of the Tier 1 motorsport.
Negotiations between the new F1 owner, John Malone’s Liberty Media and the 10 teams which make up the grid continue, with a set of proposals set out just ahead of the Bahrain Grand Prix this month.
The Scuderia Team boss Maurizio Arrivabene is mum about Ferrari’s reaction to the proposal, which was broadly outlined to the public in a 5-point plan.
The Maranello outfits Boss refused to back down from his threat to ankle this week saying:
“If F1 becomes more of a spectacle than a sport, if we go in the direction of NASCAR races, then Ferrari will leave. “If there are any proposals that distort F1, I think Ferrari will pull out.”
MercedesAMG boss Toto Wolff, who has warned F1 to take Mr. Marchionne’s statements seriously, called the Liberty proposal a “starting point of dialogue” saying many of the finer details needed clarifying. Marchionne says it is those details which will ultimately influence Ferrari’s long-term decision.
“We are working with Liberty Media to find acceptable solutions. We had a proposal from Liberty 10 days ago, we expect to know the details and then we will make choices in the interest of Ferrari. We could look for alternative solutions, it’s not a threat, but it does not mean we stop shopping.”
Ferrari is F1 and MercedesAMG will follow The Scuderia.
|NYSE:RACE||125.08||17 April 2018||2.07||123.74||125.09||123.45||218,845|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Neutral (0.14)||Neutral (0.18)||Neutral (0.23)||Neutral (0.01)|
Latest posts by Paul Ebeling (see all)
- Fear of Missing Out (FOMO) on Big Gains Driving Market Due North - April 23, 2019
- The Street’s Key Stock Analysts Research Reports - April 23, 2019
- Asia: Gold, USD, Crude Oil, Stocks & Commodities - April 23, 2019