Two motoring fans plan to launch community-owned F1 team from Singapore
By Patwant Singh, Channel NewsAsia | Posted: 24 September 2009 2238 hrs
SINGAPORE: Two Singapore-based motoring journalists are planning to start the world's first community-owned F1 team.
The duo are hoping to raise the million-dollar funding from thousands of members globally and will initially operate the venture from Singapore.
Ben Potter and Ian Baldwyn launched the "myownf1team" website to get members to subscribe and collectively own an F1 team.
Mr Potter said: "We are talking to a few teams this weekend about investing in the team with decision making powers."
Mr Baldwyn said: "Obviously, with the global economic crisis, there has been less money around, as evident by Honda pulling out, BMW pulling out and so on. So we have tried to make this a way of being accessible to the man-in-the-street on a collective basis; you know, very small amount adds to a very large amount, if you have enough people interested."
The idea of community ownership is common in the football world. Each member may have to fork out about 300 euros and in return gets free tickets and discounts on merchandise. Trustees will guard the funds to ensure security.
The idea is to own a stake in an existing team and be eventually based where the original team comes from.
The duo were tight-lipped about the three teams they will be approaching. But they said the other Singapore connection could come from naming rights.
If parties were keen, the team could be named as a Singapore team, for a fee.
They are targeting to eventually raise US$7m to US$70m to buy a stake in an F1 team.
But some motor sports experts are doubtful about the idea.
A motor racing team is not new to Singapore. In 2006, a group of investors got together to set up a team to compete in the A1 GP.
But the venture soon ran into trouble. Financial difficulties and driver issue saw the team lasting for only one season.
- CNA/ir
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Anyone wants to own a team?:think:
Think is it possible?:sweat:
