07/02/2006
NEWS STORY
Thanks in part to the £50m compensation paid out by Interpublic, which in April 2004 pulled out of a contract which would have seen it running the British Grand Prix until 2015, Formula One Administration (FOA) has reported profits, for 2004, of £260m on a turnover of around £400m. This compares to a profit of £120m in 2003 and £70m in 2002.
This means that FOA is on target to pay off the $1.4bn bond it took out in 1999, the proceeds of which of which went to Bambino, and which was secured against Formula One's future income.