Assets come in many shapes and forms. Pamela Anderson, for example, had a couple of them that made her a great deal of money, but that does not mean that crafty financiers could have floated Pamela on the Singapore Stock Exchange. Formula 1′s assets consist of a pile of contracts, which the pro-Bernie Ecclestone parrots say are worth $4.4 billion. Perhaps, but they are still pieces of paper and investors tend to be a little wary of companies that talk about foundations made of paper… Valuing a couple of filing cabinets at $10 billion is an interesting concept. Contracts run out and there are no guarantees that similar deals can be struck again. Yes, in principle it should be possible but as we are seeing at the moment most race promoters are looking for cheaper deals because of the downturn in the world economy. New bidders may be willing to go high, but those with experience are trying to find more reasonable deals. It was ever thus.
Today is May 1 and the F1 teams (with the exception of HRT) are in action at a soggy Mugello. In France and a number of other countries it is a holiday and I intend to treat it as such.