History
In 1974, the Formula One Constructors' Association (FOCA) was founded to increase commercial organisation of Formula One for the benefit of the racing teams. By 1978, Bernie Ecclestone became the executive of FOCA and fought the Fédération Internationale du Sport Automobile (FISA) for control of the commercial rights of F1. The Concorde Agreement, agreed in March 1981, gave FOCA the right to negotiate TV contracts; under previous arrangements, TV contracts were risky and not very lucrative.
The second Concorde Agreement in 1987 saw Ecclestone cease being a team owner and establish Formula One Promotions and Administration (FOPA) to manage TV rights for the teams, later known as Formula One Management (FOM). FOPA received 49% of TV revenues, with 1% going to the teams and 50% to the FIA. A third Concorde Agreement was signed in 1992, and a further agreement in 1995 granted the commercial rights of F1 to Formula One Administration (managed by FOM) for a 14-year period in exchange for an annual payment from Ecclestone.
In 1999, the European Commission announced it would investigate the FIA, Formula One Administration (FOA) and International Sportsworld Communicators for potentially restricting competition, relating to a 14-year broadcasting rights agreement.
Ecclestone sells shares of F1
SLEC Holdings was created in 1996 when Ecclestone transferred ownership of Formula One businesses to his wife, Slavica, in preparation for a 1997 flotation. In October 1999, Morgan Grenfell Private Equity (MGPE) acquired 12.5% of SLEC for £234 million, followed by Hellman and Friedman purchasing a 37.5% share in February 2000 for £625 million, combining with MGPE to form Speed Investments, which held 50% of SLEC. EM.TV & Merchandising then purchased Speed Investments for £1.1 billion in March 2000.
Financial difficulties for EM.TV led to the Kirch Group offering a rescue package in February 2001, acquiring a stake in the company and control of Speed Investments. This raised concerns among major automobile manufacturers – BMW, DaimlerChrysler, Fiat, Ford, and Renault – who formed GPWC Holding BV. Kirch’s involvement led to SLEC being controlled by Kirch, who controlled the board of Formula One Holdings (FOH).
Kirch’s financial losses resulted in the company entering receivership in 2002, leading to the dismantling of the group. The banks – BayernLB, JPMorgan Chase and Lehman Brothers – retained Kirch’s share of SLEC. A court case in 2004 resulted in a verdict relating to Speed’s contentions, though Ecclestone stated his intention to appeal.
CVC acquisition
In November 2005, CVC Capital Partners announced its acquisition of shares in SLEC from Bambino and BayernLB, completing the purchase with JPMorgan Chase in December 2005. The deal received approval from the European Commission in March 2006. CVC acquired a majority ownership in the Formula One Group with 63.4%, with other shareholdings owned by LBI Group, JP Morgan, and company directors. Bob Fernley, the deputy team principal of Force India, accused CVC of “raping the sport” during this period.
A planned initial public offering on the Singapore Stock Exchange in June 2012 was delayed due to volatile markets, and subsequently put on hold. CVC sold part of its stake to Waddell & Reed, BlackRock and Norges Bank, reducing its holding to 35.5%.
Liberty acquisition
In late 2016, Liberty Media agreed to buy a controlling interest in the Formula One Group for $4.4 billion (£3.3 billion), completing the deal on 23 January 2017. Chase Carey became chief executive of the Group, with Ross Brawn appointed to a newly created role of managing director, Motor Sports and technical director. Stefano Domenicali was announced as the new chief executive in September 2020, and Brawn retired from F1 in November 2022.
Group companies
The Formula One Group’s organizational structure involves several subsidiary companies controlling various aspects of the sport. Formula One World Championship Limited (FOWC) controls the commercial rights of Formula One, having received them for 100 years from the FIA beginning in 2011. Formula One Management (FOM) is the main operating company, controlling broadcasting, organisation and promotional rights. FOM produces televised feeds of all Grand Prix sessions, and provides partial investment for new tracks and teams.
Allsport Management S.A. manages the sale of trackside advertising and the Formula One Paddock Club, founded by Paddy McNally. Formula Motorsport Limited (formerly GP2 Motorsport Limited) runs various Formula One feeder series. In 2025, Liberty Media acquired Dorna Sports, responsible for promoting MotoGP and Superbike World Championship, and placed it into the Formula One Group.
Corpus source: Wikipedia article "Formula One Group" and related pages accessed for background information. No primary archives, autobiographies, period programmes, or specialist publications were consulted.