Michael Andretti May Have To Pay $600m To Set Up Formula 1 Team [Forbes]
Liberty Media Corporation - Series A Liberty SiriusXM (LSXMA)
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Source: Forbes
Autodrome on May 04, 2024 in Miami, Florida. (Photo by Chris Graythen/Getty Images) Michael Andretti could have to pay a $600m entry fee to establish his own Formula 1 team, after FIA president Mohammed Ben Sulayem admitted the cost of joining the sport could sky rocket under a new deal currently being negotiated. Andretti's bid to set enter Formula 1 in 2025 or in 2026 has been frustrated by commercial rights holders Liberty Media, but an entry in 2028 has not yet been ruled out. And Ben Sulayem, who has long been an advocate of the bid, conceded the costs involved in becoming the 11th team on the grid could triple under the Concorde Agreement, whose terms are being renegotiated. Signed between the FIA - motorsport's governing body - the Formula 1 teams and the Formula 1 Group - which is owned by Liberty Media and effectively controls the sport - the agreement dictates the terms by which the teams compete in races, and how the television revenues and prize money is shared.
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- 3 Reasons to Buy Sirius XM Stock Like There's No Tomorrow [Yahoo! Finance]Yahoo! Finance
- 3 No-Brainer Stocks to Buy With $10 for the Second Half of 2024 [Yahoo! Finance]Yahoo! Finance
- Are 200 Million Streaming Subscribers Enough to Survive? Perhaps Not Anymore [Yahoo! Finance]Yahoo! Finance
- The Liberty SiriusXM Group (NASDAQ: LSXMA) had its "in-line" rating re-affirmed by analysts at Evercore ISI. They now have a $27.00 price target on the stock, down previously from $36.00.MarketBeat
- Susie Wolff is upending F1's ‘boys club' with an all-female racing empire [Yahoo! Finance Canada]Yahoo! Finance Canada
LSXMA
Sec Filings
- 6/24/24 - Form PRER14A
- 6/20/24 - Form 4/A
- 6/17/24 - Form 4
- LSXMA's page on the SEC website