Contrary to reports in the media, Ferrari has not acquired directly from Liberty Media shares in The Formula One Group following the company's offer to F1 teams.
Following its buyout of the sport which closed earlier this year, F1's new owner Liberty Media has reserved an allocation of 19 million shares, valued at $400m, for competing teams should they wish to acquire a stake in F1.
Liberty made the offer in a bid to enable teams to have a vested interest in the sport's future. The company said the shares will be retired if not issued to teams within six months of the closing of the acquisition, which occurred January 30.
"We think it's important to offer the teams the chance to invest in F1 and further align our interests," said Greg Maffei, Liberty's president and Chief Executive, in a statement back in January.
"We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business."
While teams have expressed interest in the proposal, they have for now declined to invest directly as they seek clarification on issues linked to the sport's future direction and the specifics of the holdings they may acquire.
"We have started exploring the opportunity now," said Ferrari's Sergio Marchionne on a conference call with investors on February 2.
"We are in discussions with Liberty and I recently had a meeting with Chase [Carey, F1 CEO]. Once we have clarity, then I think it becomes a lot easier to decide whether we want to participate in this venture."
While Ferrari mulls its participation in Liberty's 19 million share offer, it is however already a shareholder of The Formula One Group.
Ferrari holds a relatively small interest as a result of exercising an option it was granted a few years ago to acquire a stake in Delta Topco, F1's initial holding company.
The option was granted as an incentive to keep Ferrari in the sport until 2020, at a time when a flotation of F1 was still under consideration.
Ferrari exercised the option as a result of the sale of Delta Topco to Liberty Media. Like all Delta Topco shareholders it received a mix of cash and shares in Liberty for its stake, thus becoming a bona fide shareholder of F1.
Ferrari's shares are believed to be submitted to a six-month lockup period, therefore preventing the company from cashing in its stock at a premium before the lock-up expires in July.
Ferrari may choose to keep its stake and increase it accordingly should it decide to participate in Liberty's share offering to the teams.
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