F1: Liberty Media Must Take Ferrari’s (NYSE:RACE) Boss at His Word
- Ferrari is Formula 1, and Formula 1 is Ferrari
John Malone, the chief of Liberty Media (BE:LM09) must take Ferrari Boss Sergio Marchionne at his word, when he declares, “I am prepared to quit F1, and start an alternative Tier 1 motorsport series…”
And MercedesAMG F1 team boss Toto Wolff has followed on warning Liberty Media to stop provoking Ferrari CEO Sergio Marchionne.
Recently, Ferrari CEO Marchionne 2X’d down on his threat to pull Ferrari out of the iconic motorsport and form a rival series, accusing F1 sporting boss Ross Brawn of “Behaving like Moses.”
A major source of tension between Mr. Brawn and Mr. Marchionne is over the proposed Y 2021 engine rules, and MercedesAMG boss Wolff is siding with Ferrari.
“We currently have a powertrain that is the most powerful and efficient racing engine ever,” he told the Welt am Sonntag Friday.
“With new engine regulations, there are possibilities to optimize this. But to develop a new engine that does not meet the high-tech aspects of electrification, efficiency and power, that is, some archaic engine is not what we want.”
When asked if Mr. Marchionne’s quit threat concerns him, Wolff answered, “I’m not afraid, but Marchionne is to be taken seriously. Indicating that if Ferrari quits so will MercedesAMG.
“I’m relaxed, because Ferrari is Formula 1, and Formula 1 is Ferrari,” he added. “But if I were Liberty Media’s new F1 promoter, I would not continue provoking Marchionne with unacceptable suggestions or demands or nonsensical changes.”
Asked what he means by that, Mr. Wolff said, “Bringing rules or show elements into the game and turning F1 into a cheap shopping channel. F1 must remain in its basic structures what it was and what it is. We have to improve them and face the new media environment. But we need evolution, not naive revolution.”
Poking the eyes of Chase Casey and Ross Brawn, Mr. Wolff said F1 is currently missing the guiding hand of its former supremo, Bernie Ecclestone.
“I wish that, 3 or 4 years ago, he would have known better and taken another role without losing it altogether,” said the MercedesAMG team boss. “A role that helps to build a new era in Formula 1. That he did not do that, with his experience and his enthusiasm and as a racer and a businessman — is the only criticism I have of Bernie.”
|NYSE:RACE||106.54||22 December 2017||0.33||105.44||106.8||105.44||235,300|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Bearish (-0.29)||Neutral (-0.10)||Bearish (-0.27)||Very Bearish (-0.50)|
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