Row Man Gross-Gene wrote: ↑17 Oct 2023, 16:38
mario wrote: ↑16 Oct 2023, 20:07
I have to say that I'm a little surprised that there does not seem to have been any comments about Bernie pleading guilty in his latest fraud trial and agreeing to pay £653 million in compensation to HMRC.
https://www.bbc.co.uk/news/uk-67088503
I guess that it is a reflection of how Bernie's influence and relevance to Formula 1 has dissipated since Liberty Media took over that it's passed with only a moderate stirring of interest. It also has to be said that, even for somebody as wealthy as Bernie, that settlement is likely to sting quite a lot - considering that some had estimated his fortune to be around £2.5 billion prior to this announcement, that's about 25% of his wealth disappearing in that deal.
I think you're right that it's a testament to how far Bernie's relevance has fallen. I think Bernie sowed the seeds for this fall himself. I know that some of the old guys who talk about him fondly (at least regarding the pre-CVC days), would say
at least he was a racer at heart or he did various positive things for the sport, or perhaps talk about how the teams shot themselves in the foot so many times thus adding to his power (so presumably, they had only themselves to blame).
I don't really buy it. In the end he was no less corporation-like than Liberty has been. And it was under Bernie that this site's precursor was unceremoniously dispatched. He thought F1 was a luxury good like a Louis Vuitton bag (or Hublot watch
![Very Happy :D](./images/smilies/icon_e_biggrin.gif)
). There is plenty to dislike about how Liberty is doing things, but
I definitely would never go back. And the periodic articles over the last few years where Bernie would complain about how
nobody at F1 ever calls or wonders what I think... What did he expect?
And none of this touches on the actual financial malfeasance he is guilty of throughout his time in charge, of which this last judgement was just one. Honestly, the massive fine is a fitting end to his F1 story at this point. That said, maybe I'd be singing a different tune if we'd been successful in introducing Doc to one of the Ecclestone daughters back in the day!
I suppose we do need to take into account the fact that Bernie was active in the sport for 45 years, and Bernie's role did evolve quite a bit over such an extensive period of time. The viewpoint that some might take on Bernie's career is likely to be coloured quite a bit by which part of his career that they are thinking of and how it impacted them at the time.
As an aside, I would point out that, when you mention that Bernie "thought F1 was a luxury good like a Louis Vuitton bag (or Hublot watch
![Very Happy :D](./images/smilies/icon_e_biggrin.gif)
)" - does that not have a number of parallels with the way that Liberty Media has sought to market F1 in the USA? Certainly, the idea of selling the perception of exclusivity and decadent excess is something that Miami played quite heavily into, whilst the upcoming race in Las Vegas is taking that to heart - and wallet - even more eagerly.
Wallio wrote: ↑17 Oct 2023, 17:25
Travis and his brother (and mother) like to attach themselves to whatever is hot currently, as they just have to be in the spotlight. Currently that i podcasts, F1 and yes Taylor Swift. Now I don't mind Taylor as such (like most things I don't like, it's her FANS I can't stand, not her), but I HATE, HATE, HATE the Kelce's, always have. It's 100% on brand for him to put in the money for like 1% of the team (in a country he wouldn't be able to find on a map) and show up in Vegas and order the mechanics around.
You are correct that Taylor played a concert at COTA one year (long before she achieved this almost cult like level of popularity) and thats fine, because they didn't stop the race coverage to show her drinking daquiris, or force the network to run UNPAID plugs for her movie (two things the NFL has done).
Once again I must ask, if Alpine is clearly this hard up, why not just sell out to Andretti?
The details of that deal are a little unclear to me, so maybe you could help clear this up.
It seems that there are a swathe of celebrity names that have been linked to this deal - the list that has been given is Patrick Mahomes, Travis Kelce, Anthony Joshua and Rory McIlroy - as well as the previous announcement of Ryan Reynolds.
However, as far as I can tell, all of these various figures don't actually seem to be acquiring any new shares in Alpine. Instead, it seems that what has happened is that the original three companies that were involved - Otro Capital, RedBird Capital Partners and Maximum Effort Investments - are still collectively planning to buy 24% of the shares in the Alpine team.
The first two companies, it seems, are using Ryan Reynolds's connections - Ryan Reynolds being the owner of Maximum Effort Investments - to effectively persuade those celebrities to invest money and help publicise the deal, which in turn reduces the amount of initial capital that those first two companies have to raise. Does that tie in with the details that are being reported in other news outlets?
As for why the deal is taking place, Luca de Meo's plans to rapidly expand the Alpine brand in the USA seems to be the answer. Luca de Meo has set some ambitious plans for Alpine, which involve increasing turnover to €8 billion a year, expanding their product line up from one model to seven and also switching all of their cars over to electric drive by 2030.
Part of that also involves pushing into the US market, with plans to have a network of dealers in that country by 2027. Whilst the investment in the Formula 1 team is the part that's made the headline news, Alpine also announced at the end of 2022 that they were partnering with RedBird and AutoNation as part of their plans to create a dealer network in the USA.
In that sense, although the headline investment is in the Formula 1 team, this seems to be tied in with the wider investment in scaling up Alpine and expanding into the US market. The €200 million investment in the F1 team is creating positive headlines and drawing a lot of attention to the Alpine marque in the US just as de Meo is keen to make people aware of the brand and needs additional sources of capital to help pay for that expansion into the US market.