Ferrari and its stakeholders and executives (past and present) seem hell-bent on gaining control of Formula One and all it's worth. First came the election of former Ferrari CEO Jean Todt to the head of the FIA, which governs Formula One. Then more recently came reports that Exor – the Agnelli family trust that effectively owns Ferrari – was part of the consortium led by News Corp looking to buy into the sport's commercial rights. Now further details have emerged adding the Mubadala
Ferrari was undoubtedly disappointed with the results from this weekend's season-ending grand prix in Abu Dhabi, but the Italian outfit may have left with a parting gift. One they had to pay for, anyway.
Not long ago we posted on Lotus' plans to develop business in Saudi Arabia. Lotus Engineering and Mubadala Development Company have now announced a similar agreement in Abu Dhabi, the capitol of the United Arab Emirates.
Fiat is increasing its stake in Ferrari, buying back the shares it sold to Italian investment bank Mediobanca during Fiat's financial troubles in 2002. The Turin-based auto conglomerate is the undisputed Don of the Italian car business, controlling Ferrari, Maserati, Alfa Romeo, Lancia, Iveco and Magneti Marelli (to name a few), and will exercise its option to buy back the 29% currently held by Mediobanca by the end of September.