Wolff explains why teams not buying shares of F1

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Formula 1 team's have so far showed no real interest in buying shares of Formula One Group, the company which has taken over the sport from CVC Capital.

Since it completed its takeover, FOG has reserved $400 million of shares destined to be acquired by the teams, but the latter have shown little interest in investing in their won sport.

"It was offered to us, but no team took it up," said Mercedes' Toto Wolff.

"There wasn't time, and the conditions are not yet fully aligned between the interests of the selling shareholder CVC and the long-term interests of the teams, which are first and foremost about the sport and its sustainability."

It's likely F1 team owners would rather remain on the sidelines for now and assess Formula 1's state of affairs based on the decisions its new owners shall be implementing in the future.

It was also reported that the shares offered to the teams excluded any voting rights which perhaps defeats the purpose of investing.

Why would the main actors invest in an enterprise which would not allow them to vote on any decisions shaping their future?

But Wolff vowed to remain close to the Formula One Group.

"Now we need to work with Liberty," he added.

"Liberty is aware of the fact that, together with the drivers, the teams are an essential part of the show.

"At the same time, we must be aware that there is an entertainment factor and we are competing with anyone who has a video on Youtube," he said.

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