FOA Gets Involved in Renault/McLaren - Ecclestone Dispute
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As we previously reported, Renault and McLaren Mercedes threatened Formula One boss Bernie Ecclestone with the boycott of the upcoming Australian Grand Prix, claiming the Englishman hasn't paid his debts following the signing of a new Concorde agreement.
In response to both Renault and McLaren, Ecclestone replied with his own threats, saying that the two Formula One teams should be ready to stay against him in case they're looking for a dispute.
“If they come in here with a gun and hold it to my head, they had better be sure they can f---ing pull the trigger. And they should make sure it's got bullets in it because, if they miss, they better look out,” he said Ecclestone.
However, just like we've said in the first paragraph, FOA today issued a press statement aimed at clarifying the issue, explaining that it has no unpaid debts to Formula One teams. Here are a few scraps of the official statement signed by FOA:
In particular FOTA claimed that monies are owed by CVC (FOA’s controlling shareholder) to the teams for the 2006, 2007 and 2008 Championship seasons. Neither CVC nor FOA owes any amount to any team.
The contract between the commercial rights holder and the teams competing in Formula One, the so-called Concorde Agreement, expired at the end of 2007. All prize fund entitlements payable to the signatory teams under that arrangement were paid when due.
FOA has made new contracts with various teams currently competing in the FIA Formula One World Championship on an individual basis, whereby the team has committed to participate in the Championship for an agreed period in return for which FOA has agreed to pay a share of an annual prize fund generated from and calculated with reference to its profits. Each of these teams has been paid its full prize fund entitlement to date.
A few teams have yet to enter into a contract with FOA concerning their participation in the Championship, notwithstanding which FOA has made substantial payments to each of them on account of future prize fund entitlements they will have when they sign a contract, demonstrating FOA’s goodwill and intent to conclude a new arrangement with them.
FOA welcomes that the teams are engaging in constructive discussions to progress a new Concorde Agreement that will encompass all teams. FOA looks forward to finalising and concluding that contract with the teams in the coming weeks, at which time they will be paid whatever their entitlement will be under the new arrangement.
FOA has no relationship with FOTA. It has always had a direct relationship with teams and will continue to do so.
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