This is the Statt Mann Baby. Time to Scatt a little bit.
For those of you who think Formula One is boring and unimportant, apparently the rest of the world doesn’t care.
A report from Sky News this week said the Chinese are taking the lead position in a bid to buy F1 for $8.5 billion dollars. The report says Chinese investors want to put $1.5 billion into the bid.
Stephen Ross, owner of the NFL’s Miami Dolphins, leads the group of partners. The Sky report says the investors want an exclusive ninety day window to negotiate the deal.
Apparently they still need two billion dollars in their war chest. Some of the money is the assumption of F1 debt currently outstanding.
I can hear the outrage. Is F1 worth all the time and money?
Just in television revenue alone, reports say F1 races are seen by half a billion people worldwide nineteen or twenty times a year. The Ross people are betting there are other untapped promotional revenues that would improve their return on investment.
Still don’t like F1? Evidently the global marketplace couldn’t care less.