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).

Past

In 1995 the FIA decided to grant the commercial rights to F1 to Formula One Administration (managed by FOM) for a 14 year period. In exchange, Ecclestone would provide an annual payment. With FOM having exclusive rights to popular team names like Team McLaren, WilliamsF1, and Tyrell Formula One, the aforementioned teams protested by rejecting the following Concorde Agreement in 1997. Team McLaren, WilliamsF1, Scuderia Ferrari and Renault F1 formed GPWC Holdings and threaten to form a rival racing franchise in 2008 when their current contract ends in 2007. In 1999 financial assistance to FOM was cancelled in light of a European Commission investigation. Ecclestone issued a $1.4 billion Eurobond secured on the company's future profits.

Related Topics:
1995 - Formula One Administration - Team McLaren - WilliamsF1 - Tyrell Formula One - 1997 - Scuderia Ferrari - Renault F1 - GPWC Holdings - 2008 - 2007 - 1999 - European Commission

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As Formula One has increased its international appeal over the years, many corporations have come to rely on Formula One for global marketing, rivaled only by the Football World Cup and the Olympics. In early 2004 FOM provided the British Racing Drivers' Club $20 million, or a third, of funding for venue improvements to secure the British Grand Prix until at least 2015.

Related Topics:
Football World Cup - Olympics - 2004 - British Racing Drivers' Club - British Grand Prix - 2015

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