Toto Wolff urges F1 teams to consider Liberty’s share offer

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Mercedes chief Toto Wolff has urged all 10 Formula 1 teams to give Liberty Media’s offer to buy shares in the sport serious consideration following its takeover.

Liberty completed its planned acquisition of F1 two weeks ago, with American executive Chase Carey taking over as the sport’s chief in the role of CEO.

As part of Liberty’s first steps following the completion of its takeover, $400 million worth of shares in F1 were set aside for teams to purchase should they show interest.

Early reports suggested that teams were uneasy about buying a stake in F1, but Wolff believes that the proposal must be given serious – albeit careful – consideration.

“This is an idea which one shouldn’t dismiss easily,” Wolff told Austrian magazine¬†Trend.

“But in any case, one must know more about the business case and our role in the whole [F1 project]. Talks about this have only just begun and will probably last for the coming months.”

Teams have until June 23 to make a decision on buying a stake in F1. Any of the remaining shares not bought will be retired after this date.