Ownership isn't based on merit but finances. You can go on and on about how CVC shouldn't have that much control, haven't earned it, etc etc but the fact is they do own it.
Indeed they do. They own the commercial rights to the FIA Formula One World Championship. No-one disputes that at all. They will still own those rights, to exploit as they see fit.
The problem is that they don't own the things that made those rights valuable in the first place. The teams do. And the teams are out of contract, because the oh-so-clever CRH couldn't find a way to keep them contented and on-side. That's the CRH's fault, however it happened. The CRH does not own the 'property' of Ferrari or the 'property' of Lewis Hamilton, to use just two high-profile examples, so to build a business model based on, at best, a 'proxy-ownership', is deeply flawed.
And please, before you or anyone else accuses me of being a 'wannabe CEO' or not 'understanding basic business', let me assure you that my CV (resume) would suggest otherwise. I know that sounds arrogant, but it doesn't make it untrue. Funnily enough, a few years ago I led a 'carve out' of my 'high-value team' because the people I was working for at that time wanted the cash-cow, but not to share the profit of that cash-cow with those who had created it and upon whom they utterly relied to sustain it (not banking or finance, before you jump to that conclusion). Despite some initial sabre-rattling, there was no legal action, because eminent barristers agreed that no judge would have upheld either an injunction or damages in those circumstances over Joe Public's right to earn a crust. EU law, don't you just love it? Besides, as 'the players', we were all indemnified by the new 'ring-master' who was happy to take the risk of uncertain litigation in exchange for a more-or-less guaranteed ongoing income... which was shared more equitably with 'the players', of course.
The moral of this story is that, based on personal experience, if you rely on the income from an 'asset' that you don't own, you really ought to make sure that said 'asset' doesn't upsticks and leave you with nothing but a bit of paper.
Edited by Ligier26, 22 June 2009 - 20:03.