F1 News: Ex-driver wants to buy F1

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Former Formula 1 driver Lucas Di Grassi has announced that he wants to buy the race series from current owners Liberty Media.

Chairman Chase Carey took over from Bernie Ecclestone in June 2017 after 40 years as chief executive of the company after gaining control of the commercial rights.

The Liberty Media group agreed to buying controlled interest in the Formula One group for $4.4 billion.

But since Liberty have taken over, some have questioned their way of running one of the biggest circuits in the world of motorsport.

This week, Motorsport.com's Jonathan Noble wrote that F1 race promoters have criticised Liberty's approach since taking over.

With concerns and problems piling up for Carey and co, it has lead some interest from outside the group to take F1 out of Liberty's hands.

Di Grassi has expressed his ambitions to buy F1 after posting a crowdfunding link to his Twitter account.

The Brazilian driver raced in 19 Grand Prix for Virgin Racing in the 2010 championship but didn't score any points.

Di Grassi is now racing in the Formula E series for Audi Sport ABT Schaeffler and has been doing so since 2014.

The 34 year old wrote on the crowdfunding page his reasons for wanting to buy F1.

He wrote, "Less than 3 years after Liberty Media acquired Formula One, the company is reportedly exploring scenarios that would decrease their stake in the international racing circuit; everything from an exit to the introduction of new equity partners in on the table.

"Liberty has failed to add races (see: Miami) and/or major sponsors, attract younger fans (fact: just 14% are < 25 years old) or drive digital revenues (.06% of total revenue in ‘18); issues that collectively indicate the C-suite is in over their heads and taking direction from the wrong places.

"Keep an eye on former owner Bernie Ecclestone, the British business magnate has the capital, know-how and can likely reclaim the asset back for a fraction of the $8 billion he sold it for."

Should Liberty Media sell F1 to a new owner? Comment below...


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