Teams have passed up the opportunity to buy shares in Formula One's parent company at a preferable rate.
When Liberty Media made its purchase of Formula One six months ago, it offered approximately 19 million shares for purchase by the teams at a price of $21.26 per share (shares in Liberty's Formula One common stock are currently trading at $34.33). That offer has now expired without any of the teams opting to invest, meaning the 19 million shares have been retired.
"We have been actively engaged with all teams to shape a shared vision for the sport that will create real value for all stakeholders," F1 CEO Chase Carey said. "While the window for this particular investment opportunity has passed, we are pleased with the collaborative discussions we are having with the teams.
"These discussions will take time, but we appreciate their receptivity towards further aligning our incentives for the long-term benefit of the sport."
Speaking in February this year, Ferrari chairman Sergio Marchionne said his company would only invest in Formula One once it knows what the future holds beyond the current commercial agreements, which are due to expire in 2020.
"The Concorde Agreement expires in 2020, so becoming a non-voting shareholder in an entity, which would effectively keep us trapped in without knowledge of what 2021 and the later world will look like, is something I consider unwise," he said.
"One of the things that I tabled with Chase is clarity on what the post-2020 world looks like, and what Ferrari may be able to get from its involvement in Formula One activities. Once we have clarity, then I think it becomes a lot easier to decide whether we want to participate in this venture."