Quote:
Originally Posted by jyl
How can you determine what a team is spending? Will the FIA have auditors crawling through the team's accounts?
If anyone knows how the FIA and Eccelstone got control of "Formula One" and exactly what they have control of (Just the name? The tracks?What is "Formula One" in the legal sense?) I would be interested. Would it be feasible for the constructors to start a new series? Call it "Formula X" or "Grand Prix" or something.
|
I was curious about that too. Here's what I found:
Regarding Bernie:
Quote:
|
His control of the sport, which grew from his pioneering the sale of television rights in the late 1970s, is chiefly financial, but under the terms of the Concorde Agreement he and his companies also manage the administration, setup and logistics of each Formula One grand prix.
|
And regarding the Concorde Agreement:
Quote:
|
The Concorde Agreement is a contract between the FIA, the Formula One teams and Formula One Administration which dictates the terms by which the teams compete in races and take their share of the television revenues and prize money. There have in fact been five separate Concorde Agreements, all of whose terms were kept strictly secret: The first in 1981, others in 1987, 1992, 1997, and 1998, and the current agreement in 2007
|
All I can say is "Wow"....what a monopoly. Everyone dislikes him yet they keep giving him the power.