view photoManor Grand Prix Team Principal John Booth today would not confirm reports that Virgin is set to sponsor, buy into and possible re-name the new 2010 Formula One team.
It has been reported and rumoured in recent days that Sir Richard Branson will switch his allegiance from Brawn to Manor next year, in a deal that could also involve a 20 percent shareholding and perhaps even naming rights.
However while confirming that funding has been in place for several months, Booth is not ready to confirm the Virgin speculation, and denied that an equity sale has been agreed.
"The Virgin link is just speculation and I couldn't really comment on it for legal reasons, and it is unhelpful to speculate about Virgin," he told the Yorkshire Post.
Complicating the issue slightly is that Manor's plans were always based on the FIA's £30m or £40m budget cap, which has now been replaced by an agreement with FOTA whose details are unclear.
"Hopefully, it should become clearer in the next couple of weeks. There does seem an intention from all concerned to get the costs under control," Booth said.
"We have only been planning to join Formula One for the last five or six months. Over the years it has not been feasible, you had to be a multi, multi-millionaire to even consider it.
"But with the budget restrictions it has made it more accessible," he added.
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Ape...Perhaps if you did not post such baseless drivel. About which you know nothing. More people would be interested – in – yo – err -?? - No they wouldn’t the verbal diarrhoea you keep spouting is just annoying.
Sorry
considering publicity seeking Branson depth of hugh debts for airline & trains
where is the surplus cash to lavish on F 1
I am getting so %&#&*#%# of all those editors on websites with all those rumors or false intrepretations and prejustice !!!!!!!!!!!!!!!!!!!
The only thing they want is hits for the money !!
But they are helping the F1 to the &%#!%&1*$&* !!!!!!!!!!!!!!!!!!
There are only a very very few objective journos.!!
I am quite sure that Mr. Booth is at least concerned that he is going to have to probably double his expected financial investment before he can reasonably be ready to compete in the 2010 season. The other teams are somewhat sheltered by the fact that Campos started ahead of the game because they already had most of the physical plant in place. According to statements made by Peter Windsor, USF1 have always been budgeted for more than the 40m GBP proposed because they had most of their planned budget in place long before the 40m proposal was made by Mosley.
What probably upsets Booth most about this predicament is that: 1. he is having to radically upgrade his financial position, and 2. that in doing so, he is having to dilute his equity position with the loss of control that always involves. To have been rumored to be talking to a commercial piranha like Branson would be upsetting. With Branson, his investment, and personal interest are there only for as long as he is convinced that the return on his investment is warranted and not a minute longer than that. He will expend more time and effort negotiating his exit strategy than any other section of the contract. That can put Mr. Booth in a very tenuous position, if he is, indeed, partnering with Virgin.
Its the likes of the John Booths of this world that have made Formula 1 the elite it is today, Both Kimi and Lewis were champions with manor b4 F1, Kimi won every race he entered with them bar 1, lewis with Mclarens backing was not put with them by accident, its because Manor are one of the leading single seater teams in this country, John Booth and his team are more than capable of turning F1 on its head and are more than capable of coping with the pressure, all the guy wants and is saying in this article is a fair crack of the whip with a decent budget structure, i for one wish them all the best.
John Booth...welcome to the wonderful World of Formula 1 politics. If you aren' prepared to deal with this report and rumour you certainly aren't prepared for the rest of the Formula 1 World. The budget restrictions are bad for Formula 1 because it allows people like you to water down the Formula 1 series. It's no longer elite.
Was Bbranson hitting on Booth's Girlfriend, too?
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