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Todt rues F1’s revenue distribution
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FIA president Jean Todt says Formula One’s payment structure is flawed, but admits the organisation he is fronting cannot intervene to correct the situation. The current distribution of funds in the sport is heavily weighted towards the bigger teams, with F1 owners CVC Capital Partners handing around $250 million (£165 million) in extra monies to Ferrari, Red Bull, Mercedes, McLaren, and Williams on top of the normal prize money. These revenues, known as ‘premium payments’ and secured in early 2012 under bilateral agreements, are mentioned in the contracts signed by all F1 teams with the commercial rights holder and Bernie Ecclestone. “The FIA has nothing to...
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