Radical RXC at COTA

2016 F1 USGP Circuit of the Americas

F1 Sale - The deal is confirmed

 

Liberty Media has announced its intention to acquire the commercial rights to Formula 1, with Chase Carey being named as chairman, and Bernie Ecclestone staying on as CEO. Liberty Media has completed the acquisition of 18.7 percent of the business for $746 million, funded entirely in cash (this is actually a payment of $821 million because of a $75 million discount which will be repaid by Liberty Media to the selling stockholders on completion of the deal. With the sale price of $8 billion (less than CVC had wanted) this confirms that the business had an equity value of $4.39 billion, which in turn confirms that the Formula One group has debts of around $4.1 billion, which came largely from CVC Capital Partners borrowing money from banks, secured on the future revenues. There is also $700 million in cash held by Formula One.

It seems that, unusually, the debt is portable, which means it can be taken on by the new owners. Of this, around $3 billion matures in 2021 and another $1 billion of more expensive debt matures in 2022. The business needs to be doing well by then if it is to support refinancing.

The sellers will receive a total of $1.1 billion in cash, 138 million newly issued shares in Liberty Media and a $351 million exchangeable debt instrument to be issued by Formula One, which will be exchangeable into shares, in a classic exchange of debt for equity. The teams will be given the opportunity to participate in the investment in Formula One, and the detailed terms of that investment will be agreed in due course. Certain teams have already expressed an interest in investing after completion of the acquisition.

The interest in Formula One already acquired by Liberty Media, and the remaining interest to be acquired upon the closing of the acquisition, along with $4.1 billion of existing Formula One debt and $700 million in Formula One cash, is being attributed to the Liberty Media.

Upon completion of the acquisition, the Liberty Media Group will be renamed the Formula One Group and will be listed on the NASDAQ under the ticker symbol FWON. Formula One will remain based in London.

The deal is dependent on clearances and approvals by antitrust and competition law authorities in various countries, approval by the Fédération Internationale de l’Automobile, the governing body of Formula One, and approval by Liberty Media’s stockholders. The deal is expected to close by the first quarter of 2017.

PEREZ TO STAY AT FORCE INDIA AS CARLOS SLIM LOOKS TO BUY FORCE INDIA

Sergio Perez is staying with Force India, amid speculation in Mexico that his backers may even buy the Silverstone based team.

It is now considered an open secret that, despite flirting with Renault, the on-form Perez is actually staying with Force India for 2017.

“The new contract is signed,” sporting boss Otmar Szafnauer now confirms to Auto Motor und Sport. “He stays with us next year.”

It is believed the deal was held up amid complex negotiations between the team and Perez’s sponsors, headed by the Mexican telcom billionaire Carlos Slim.

The Mexican broadcaster Grupo Imagen announced this week that Slim is actually buying Force India, amid the troubles of current owners Vijay Mallya and Subrata Roy.

But a team spokesman told Speed Week: “This story from Mexico is pure speculation

Vision Mercedes-Maybach 6 Concept 01

Mercedes has finally shown mercy after a brief clip and a teaser image, and revealed the all-new Vision Mercedes-Maybach 6 concept in full at this year’s Pebble Beach Concours d’Elegance. And good news for Mother Earth supporters, the 2+2 coupe features all-electric powertrain.

Combined, four magnet synchronous electric motors send 550kW (750hp) to all four wheels, enough for 0-100kph ‘in under four seconds’ en-route to an electronically governed top speed of 250kph. Unsurprisingly, range from the all-electric model is similarly impressive, 500km do-able courtesy of an underfloor, 80kWh battery. Got a plug handy too? Apparently fast charging technology will add 100km to your range in just five minutes. It’s a little early for pricing details, but given that the Rolls-Royce Wraith is likely to be the main competition, expect to fork over at least $250K for ‘the ultimate in exclusivity and individuality’ from Mercedes-Maybach.

Enough of the tech side of things though, let’s delve into the looks of the Vision Mercedes-Maybach 6. Because those are awesome.






























Paying homage to ‘the glorious age of aero coupes’ of the 1930s, the curvaceous bodywork of the almost six-metre long concept sits atop a (very) long wheelbase from, presumably, Mercedes’ flagship S-Class (expected to remain the same when the renamed Maybach 6 hits production in 2017). Key features of the design include very awesome gullwing doors, Maybach red paint with chrome accenting, front grille struts inspired by a pinstripe suit, and 24in wheels derived from Concept IAA that debuted last year in Frankfurt. If that lengthy rear quarter looks familiar, it’s because it’s inspired by luxury yachts. Above lie nautically themed two shallow ‘split windows’ and super slick vertical taillights.

nside meanwhile is Mercedes’ modernist ‘inside out’ concept, referencing the manner in which the curving wing of the dashboard merges seamlessly with the Chesterfield-esque seats via the door panels. The nautical theme continues amidst the futuristic design courtesy of elm wood in the floor area, likely to become a Mercedes production staple. Perhaps most interesting though is the windscreen, which serves as a transparent display where driving-related data among other info is stretched, pillar-to-pillar. The best bit? Said information is controlled by hand gestures from the driver.

In what Mercedes rather nauseatingly call ‘the wow factor’, the Maybach 6 is the first coupe of Mercedes’ ‘Vision’ range of concept models, earlier examples of which have included the Vision EnerG‑Force (2012), AMG Vision Gran Turismo (2013) and Vision Tokyo (2015).

Source: Piston and Crank

Introducing the Bullet speedster from U.K.

Step aside Morgan, another eccentric British manufacturer has elbowed its way into the public sphere, courtesy of Bristol and its new Bullet speedster.

Bristol Cars, founded in 1945 and rescued from insolvency by new owners in 2011, has unveiled the new Bullet to mark both the company’s 70th anniversary and its first new model since the Chrysler-engined Fighter of 2004. Though teaser images first surfaced two years ago, the new Bullet only made its camouflaged debut at this year’s Goodwood Festival of Speed, under the pseudonym Project Pinnacle.

Understandably, the new Bullet leans heavily on the Bristol Aeroplane Company’s history that begat the car division shortly after the second world war, particularly with the name and design: ‘Bullet’ was originally a world war one biplane, while the design drew heavily from the mid-1950s Type 405, particularly the ‘Bristol mouth’ and bonnet scoop.

Hand-made in the UK, the body panels, much like most of the cockpit, is crafted from carbon fibre. Beneath this lies a bonded aluminium chassis, plus all-independent coil-over suspension from the same team who worked on the GT with Ford. Expect those admittedly distinctive looks to part the room when discussion on the design is brought up at dinner: the only word we have on the designer for instance is that he is “an eminent Italian designer who chooses to remain anonymous.”

Source: Crank and Piston

VILLENEUVE VERSUS VERSTAPPEN ROW GETS NASTY

Max Verstappen’s manager has moved to put a lid on a war of words between the 18-year-old driver and 1997 F1 world champion Jacques Villeneuve.

After Villeneuve suggested that the kind of aggression the Red Bull driver showed at Spa could kill someone, Verstappen hit back by referring to an incident in 2001 when a wheel from Villeneuve’s flying car killed a marshal.

“He should watch a little with his statement that someone might die because he himself has been involved in a fatal accident,” retaliated Verstappen. He has to look at himself. What he says is not respectful to the family of the deceased marshal.”

“What Max meant is that Villeneuve should be careful talking about his [Verstappen’s] driving style and death at the same time,” manager Raymond Vermeulen told the German newspaper Bild.

“I can only agree with Max and say it is disrespectful to the family of the marshal.”

Vermeulen, who in conjunction with Max’s father Jos looks after the teenager’s career, said it is also important that Verstappen respects Villeneuve and his accomplishments.

“But we know that Villeneuve is not a fan of Max and doesn’t assess him positively. We can live with that,” he said. But the kind of accusations that he is doing now are very unfortunate,” added Vermeulen.

Villenueve explained, “I made logical comments about what happened on the racetrack, and that’s now gone beyond, is inappropriate and lacks respect to the family [of the Australian GP marshal, Graham Beveridge].”

“There’s nothing more to say on the subject, there’s no feud to start. It’s just ridiculous. Obviously someone (Jos)  is telling him what to say and what to think, and if it’s the same person who is telling him how to drive and how to act on the racetrack, then it is very worrying for someone,” insisted Villeneuve.

Verstappen also tried to diffuse the impact of the comments he made, “To be clear, I said that it was disrespectful to the families to talk about deaths, and I was referring to the incident that happened in 2001.”

“But they didn’t write down that I was picking up on the family, that it was disrespectful from his side to comment about deaths.”

“I didn’t say death by driving. I said it was a deadly accident. In the end it was a wheel, it’s still from a car isn’t it?” added Verstappen.

CVC SALE OF F1 TO LIBERTY MEDIA FOR $8.5 BILLION IS A DONE DEA

The deal is definitely done on the sale of Formula 1’s majority stake by current owners CVC, according to multiple authoritative publications. 

Auto Motor und Sport (Germany), La Gazzetta dello Sport and Sky (Italy), the Sunday Times (Britain) and Auto Bild (Germany) all agree that Liberty Media, headed by US tycoon John Malone, is buying F1 for $8.5 billion. 

The Sunday Times said F1 supremo Bernie Ecclestone is “refusing to deny” that the first transaction will be done early next week. And Auto Motor und Sport claimed: “When we asked, Bernie Ecclestone confirmed that the sale will be done in the coming week.” 

The reports claim the sale will be done in two stages, with Ecclestone to definitely stay as chief executive in the initial, transitional phase. “I will do what I have always done,” Auto Motor und Sport quoted the 85-year-old as saying. “It is my decision what role I take.” 

The report linked Formula E chief Alejandro Agag with Ecclestone’s role beyond the first phase. Auto Bild claimed that Ecclestone is still pushing for CVC to sell to a Qatar group, so that he definitely retains his role at the top. 

Meanwhile former F1 driver and team chief Gerhard Berger welcomed the news that CVC is selling. “It will bring in fresh ideas,” he told the Italian broadcaster Sky at Monza, adding that the fact the new owner is American will also help. “America is a nut that Formula 1 never really cracked.”