Ferrari receives $11.4 million from Liberty Media
The sale of F1 to Liberty Media has already had a significant impact on Ferrari: the Italian team has received over $11 million and 145,000 shares in the American media group.
F1 enters a new era with a new owner. But most importantly, two major players, Liberty Media and Ferrari, are listed on the stock exchange, which drives unprecedented transparency in the sport.
The 2016 results published by Ferrari thus provide an interesting insight into the sport. We learn that on February 22, the Scuderia received $11.4 million from Liberty Media, including $2.7 million corresponding to undistributed dividends. Additionally, Ferrari also received 145,000 shares of Liberty Media and nearly one million dollars in debt convertible into shares.
That Ferrari was able to benefit from this influx of cash and shares was made possible by the privileged agreement it had with Bernie Ecclestone’s FOM, which included the granting of 0.25% of Delta Topco’s capital, the holding company owning the rights to F1. The transfer agreement between Liberty Media and the previous shareholders stipulated that all shareholders had to comply with it, similar to the FIA, which sold its 1% stake.
This operation does not mean that Ferrari is already a shareholder in F1. However, this possibility is anticipated by the new owner of F1, who has reserved 19 million shares, with a total value of 400 million dollars, so that the teams can acquire shares in their own sport. This offer, however, has a limited lifespan as it is only valid for six months from January 23, the date of the closing of the F1 acquisition.
With the participation of www.racingbusiness.fr
