Word: cashes
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More Dash Than Cash Last summer, it looked like the sport might cease to exist altogether. Angry at Formula One's decision to impose a team-spending cap, Ferrari, the oldest team on the grid, threatened to lead the biggest marques in a rival series. The teams pulled back at the last minute, but demanded that Max Mosley, the president of the governing Federation Internationale de l'Automobile (FIA), stand down after 17 years. Mosley...
...majority stake in the racing team to Luxembourg investment firm Genii Capital) - still in F1. "The sport just wasn't delivering the value," says John Howett, head of Toyota Motor Sports. For the new season, some of the old names have been replaced by entrepreneurs with more dash than cash. Ecclestone calls the new teams "out of their depth" before the season has even started, while Ferrari's official website complained about the "much reduced" pace shown by newbies like Virgin and Lotus in testing. No one expects all of them to make it through their first season...
...sold most of his stake in Formula One Management to private equity firm CVC Capital Partners. But thanks to a complicated ownership structure, he's still the straw that stirs the drink. Ecclestone alone makes the big TV, sponsorship and track deals that keep F1's cash gushing. He rests his legacy on the numbers, and they are indeed impressive, not least his own. Forbes latest tally puts his personal fortune at $3.7 billion. Ecclestone turns 80 this season, but he isn't going anywhere. "I do what I do and I'll keep doing it as long...
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...Virgo. Pure, certainly. Chaste, perhaps. But you’re not as naïve as he or she thinks you are, and you need to prove it this month. Whether it’s a toxic friend or a trifling significant other, time to cash in your V-card for a better model...