Nov.11 (GMM) The FIA is set to take a 1 per cent ownership stake in formula one.
Writing in the Guardian, leading F1 business journalist Christian Sylt said the move will be part of the sport's forthcoming stock market floatation.It is the result of a deal between F1 chief executive Bernie Ecclestone and FIA president Jean Todt for the signing of the new Concorde Agreement."The FIA gets 1pc if F1 floats but the teams don't have shares," Ecclestone said.F1 owner CVC's $12 billion valuation of F1 means the FIA's stake is worth $120 million.But for the moment, the proposed float is on the back burner, while Ecclestone is caught up in the Gerhard Gribkowsky corruption affair.
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