Carmakers relying more on F1 for revenue growth
01-15-2003, 05:57 AM
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Carmakers relying more on F1 for revenue growth
Frankfurt, Jan. 15 (Bloomberg) -- DaimlerChrysler AG, BMW AG,
Fiat SpA, Renault SA and Ford Motor Co. aim to double their share
of the revenue generated by Formula One racing, reported
WirtschaftsWoche, citing Patrick Faure, Renault's Formula One
team's president.
The carmakers want 40 percent of the estimated annual $4
billion in revenue from the sport instead of the current 20
percent, the German magazine said in a preview of an article to be published tomorrow.
The automakers will meet tomorrow to discuss their strategy
for developing a possible racing series of their own as of 2008,
the magazine reported. The carmakers established Grand Prix World Championship to potentially replace Formula One racing after the current contract expires at the end of the 2007 season.
The carmakers are being advised by Goldman Sachs Group Inc., the magazine said.
Fiat SpA, Renault SA and Ford Motor Co. aim to double their share
of the revenue generated by Formula One racing, reported
WirtschaftsWoche, citing Patrick Faure, Renault's Formula One
team's president.
The carmakers want 40 percent of the estimated annual $4
billion in revenue from the sport instead of the current 20
percent, the German magazine said in a preview of an article to be published tomorrow.
The automakers will meet tomorrow to discuss their strategy
for developing a possible racing series of their own as of 2008,
the magazine reported. The carmakers established Grand Prix World Championship to potentially replace Formula One racing after the current contract expires at the end of the 2007 season.
The carmakers are being advised by Goldman Sachs Group Inc., the magazine said.
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