Formula One teams have just one week remaining to purchase equity in FWONK, the stock that tracks the performance of the auto racing series, and invest in their own future. The teams have had this opportunity since the January 23rd Liberty takeover, with shares up 59.4% since that time, but all have passed thus far. The series is facing several issues; race organizers have terminated contracts early with others choosing not to renew contracts, there is a corruption investigation occurring in Britain’s Serious Fraud Office and in 2020 Liberty’s existing team contracts expire, along with the guaranteed F1 income. Need a reason to be optimistic? Start with the potential for an increase in corporate sponsorships.
Howie Long-Short: Eliminating the potential conflict of interest between the teams and Liberty/F1 is key for their long-term success. It’s early, but sounds like they’re not off to a great start.
Fan Marino says: With Sean Bratches, a former ESPN executive, leading commercial operations, it would seem to be just a matter of time before F1 “embraces debate“.