Liberty Media urges teams to have a vested interest in F1

©WRI2

Liberty Media, or the Formula One Group as we should now call it, is urging teams to invest in the sport despite their apparent reluctance to do so.

The company has set aside $400 million worth of shares, offered to the teams at a price of $21.26 which represents almost a 25 percent discount to Thursday's closing stock price of Liberty Media in New York .

"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 CEO.

"We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business."

Teams turn down Liberty offer to buy shares in F1

"Several of the teams have expressed interest in investing and we have already begun productive discussions to make the sport more competitive and even more exciting," added F1 Chairman, Chase Carey.

The catch is that the shares would not come with any voting rights while they would also have to be retained for a minimum of ten years.

Liberty is extending an olive branch but the team's are reluctant to invest without holding any sort of right to determine the future direction of Formula One. Most teams have politely declined the offer for now.

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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.