CVC pushing for agreement


CVC Capital Partners, owner of the Formula One Group, is understood to be urging all interested parties to reach an agreement regarding the future of the sport in order that it can proceed with its plans to secure a bond on Formula One's future revenue stream.

It's believed that CVC is unhappy at the lack of progress, having hoped to have the bond in place by now, and has now contacted all the relevant parties urging them to commit to the new Concorde Agreement.

Having secured a commercial agreement with the teams in May, a major part of the Concorde Agreement, CVC is now pushing for an agreement on technical issues such as the engine freeze.

According to reports CVC is said to be "getting nervous", having hoped to have the Concorde Agreement signed up by now, and the bond in place. Without this, the company's income is limited, and in addition it is paying off an old bond, as well as the new terms agreed with the teams. There has even been talk of CVC refinancing its business model.

On the other hand, CVC will be delighted with events in Hungary at the weekend, what with the status quo being maintained in the championship(s), and a popular driver taking his maiden win. All these things are so very good for business... especially after the sight of all those thousands of empty seats at Hockenheim.

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Published: 08/08/2006
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