Formula One Management

Formula One Management, or FOM, is a corporate entity dealing with media relations and financial matters regarding Formula One. FOM is a subsidiary of Formula One Holdings and ultimately SLEC Holdings, (see table).

Origin

In 1974 the Formula One Constructors Association, or FOCA, was founded in order to increase commercial organisation of Formula One for the benefit of the racing teams. In 1978 Bernie Ecclestone became the executive of FOCA and fought the Fédération Internationale du Sport Automobile or FISA for control of F1 commercial rights.Disputes were settled by March 1981 when the Concorde Agreement gave FOCA the right to negotiate TV contracts. Under previous arrangements, TV contracts were not very lucrative and were risky. When the Concorde Agreement ended in 1987, Bernie Ecclestone ceased being a team owner and established the Formula One Promotions and Administration, or FOPA, to manage TV rights for the teams. FOPA would later become known as Formula One Management. FOPA received 23% of TV revenues, 47% went to the teams, and 30% to the FIA. FOPA, however, received all the fees paid by promoters. In exchange for this FOPA paid prize money to the teams.

Related Topics:
1974 - Formula One Constructors Association - 1978 - Fédération Internationale du Sport Automobile - 1981 - Concorde Agreement - 1987 - Formula One Promotions and Administration

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