19/12/2004
NEWS STORY
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Ferrari's president, Luca di Montezemolo has said that the future of Formula One will almost certainly be decided, one way or the other, over the course of the next twelve months.
At present there are two major threats to the sport, threats which could see Formula One, as we know it, changed forever.
The first is from the banks - Bayerische Landesbank, JP Morgan and Lehman Brothers - which own 75% of the sport and are currently engaged in a titanic battle with Bernie Ecclestone.
The second comes from the manufacturers- BMW, DaimlerChrysler, Ferrari and Renault - that comprise the Grand Prix World Championship, which is scheduled to get underway in 2008.
"From 2008 there will only be one Formula One World Championship," de Montezemolo told Germany's Welt am Sonntag, "and the decision on this will fall in 2005.
"I don't care whether this world championship series is called Golden Series, Championships League, or whatever," he added.
"I know that Ecclestone has certain rights in relationship to the Formula One name but that's not a problem for me," he continued. "But whoever rules over the new Formula One must know that there must be big changes to profit sharing and the say of the teams and manufacturers," he added.
Whether it's the challenge from the banks or the manufacturers, the bottom line is money, and the fact that Ecclestone appears to be getting more than his fair share.
The banks claim that they have invested huge sums in F1 - though in reality they merely inherited a debt. Furthermore, they claim that they have no say in the running of 'the business'.
On the other hand, the manufacturers claim that despite the fact that they invest huge sums, and along with the teams, provide 'the show', they too see little (financial) return.
di Montezemolo revealed that he is to meet Ecclestone before the end of the year, the Italian rapidly growing tired of the failure to reach an agreement, and safe in the knowledge that, no matter what others might say, his team is the sport's prize asset.
Aware of the threat(s), Ecclestone knows he is up against it, however there is nothing he enjoys more than a good fight. On the other hand, de Montezemolo wants the teams/manufacturers to receive around 80% of the sport's income, compared to the current 45%.
"We expect proposals from the person who will be in charge of the Formula One business," he said, though this could apply not merely to Ecclestone but the banks, which have won the first round of their court battle with the Englishman.
"They must be aware that after 2007 the value of the old Formula One will fall to zero if there's no consensus. They would be left standing like a Hollywood producer without any actors," he warned, ominously.
"If there's no solution then from 2008 there will be a new series organised on our behalf."