Teams turn down Liberty offer to buy shares in F1

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Formula 1 teams have turned down Liberty Media's offer to become shareholders of the sport, at least for now.

Yesterday, the FIA gave its final blessing to the American company's takeover of Formula 1, with the deal expected to close by the end of this month.

In a bid to give the leading actors of the sport an interest in its future, Liberty is offering up to 20 percent of Formula 1's commercial rights to the teams on favourable terms, although the stake would not include voting rights.

Given the team's current refusal or hesitancy to invest, perhaps the terms aren't as favourable as Liberty claims.

"I honestly don't know if I should buy shares," Red Bull and Toro Rosso team owner Dietrich Mateschitz told Salzburger Nachrichten newspaper this week.

FIA signs off on sale of F1 to Liberty Media

Michael Schmidt, the respected correspondent for Auto Motor und Sport, also revealed that F1 teams expressed "little interest" in buying shares when the Strategy Group and F1 Commission met in Geneva on Wednesday.

A source at one top team said: "Without influence on the future direction and marketing of Formula One, purchasing shares is not very attractive for us."

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.