Ferrari set to become first team to own Formula 1 stake

Ferrari F1

Ferrari are set to become the first F1 team to own a stake in the sport following Luca di Montezemolo's resignation as chairman last week.

Writing in the Telegraph, F1 finance reporters Christian Sylt and Caroline Reid reveal that the Scuderia will receive options in the sport worth around £15 million.

The marque's chairman since 1992, Di Montezemolo became a non-executive director of F1's parent company in 2012 and received an option on a 0.25% stake for his tenure as a Ferrari director. He resigned last week following an increasingly lengthy fallow period for the company's race team, who have not won a World Championship since 2008 and are currently well off the pace of front-runners Mercedes.

However he will not take the share option with him. The report cites 'a source close to the Italian marque' as saying: “Ferrari, not Mr Montezemolo, is entitled to exercise the rights.”

Were Ferrari to take up their option, it would join a number of 'perks' that the historic team enjoys. Last year a report in Pitpass revealed that these include a veto over the sport's regulations and over Bernie Ecclestone's successor, as well as a minimum of £60m in prize money every season.

The Italian squad is the oldest in F1, having been present since the sport's second race at Monaco in 1950. They missed the inaugural event at Silverstone following a dispute over the money paid to entrants.