Ferrari Mailing List: Re: USF1 Fined and Banned

[Charles Perry (charles]

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No - read the fourth paragraph more carefully - "The fine is effectively the forfeiture of the fee already paid."

 

That means USF1 had already paid the entry fees for the championship (paragraph 3) back when they thought they could run. By levying the fine, the FIA essentially just makes formal that they are keeping that money, rather than leaving the possibility open that the bankruptcy court would say "well, they didn't run in the championship, so we want their Euro309k back from the FIA to go into the pot to pay creditors."

 

You are right that Bernie would think that way, but in this case it's the FIA making the action. I'm sure they're heavily influenced by Bernie but they're supposed to be an impartial governing body.

 

-- charles

 

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From: LarryT [mailto:l02turner [at] comcast.net]
Sent: Saturday, June 26, 2010 8:19 PM
To: Charles Perry
Cc: The FerrariList
Subject: Re: [Ferrari] USF1 Fined and Banned

Geez, Bernie doesn't mind kicking them when they're down, does he?  Seems they have plenty of problems without another 300K Euro fine -

 

But I suspect in situations like that Bernie feels the money is his the moment it lands in his account ---

 

LarryT

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From: Tom Reynolds

Sent: Saturday, June 26, 2010 3:21 PM

To: Larry Turner

Cc: The FerrariList

Subject: [Ferrari] USF1 Fined and Banned

I couldn't open the link in Rob's email, but I did find another place that had the story, it's cut and pasted below.

 

US F1 has been fined â309,000 and barred from ever competing in Formula One.

The American outfit, headed by team principals Ken Anderson and Peter Windsor, was granted an entry for the 2010 season but failed to appear. USF1 has since liquidated its assets, and the sport's governing body joined the list of creditors with a decision made public on Thursday.

A fine "equivalent to the entry fees for the championship" has been imposed, while USF1 is "definitely" excluded from "any competition" for breaching the sporting regulations and the international sporting code.

In a detailed verdict, the FIA said that because US F1 has no "current financial liquidity", the fine is effectively the forfeiture of the fee already paid. But US F1 has also been ordered to pay "the costs incurred by the FIA within the context of this disciplinary procedure".

The FIA revealed that, during the hearing, US F1 claimed that due to "many negative press comments", the team's "sponsorship climate deteriorated after last Christmas. Bernie Ecclestone's statement in September last year that "possible US F1 are a doubt" was submitted as evidence, but the FIA retorted that US F1 could have countered the statement had the team's "funding, sponsorship and construction processes been on target".

US F1 even argued that negative media coverage amounted to 'force majeure', but the FIA procedure ruled there was "no evidence" of that.

 ESPN EMEA Ltd.

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