F1 Teams Demand Further Revenue

Formula One teams will demand even more money when the next Concorde Agreement is negotiated – according to media reports.

It was announced this week that the teams shared over R4bn of the sport’s commercial revenue last year, an increase of 21% to the year before.FOA added that the 2010 payout was 164% greater than 2007’s, the final year of the previous Concorde Agreement, the commercial contract which governs the sport.

Private equity firm CVC Capital Partners acquired Formula One in 2005, which saw it pledge to increase prize money in a bid to avoid teams leaving for a rumored breakaway series in 2009.

However according to recent reports, the teams want their proportion of the commercial revenue to increase further, from 50% to 75%, when the next Concorde Agreement comes into effect in 2013.