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.