By Joey Barnes, Editor-in-Chief
Force India and Sauber have withdrawn their anti-competitive complaints with the European Union.
The first course of action from the two Formula 1 teams dated back to 2015, with grievances that alleged over unequal distribution of revenue, as well as the structure of the Strategy Group.
Both teams have been encouraged by meetings with Liberty Media, which led to the dropped issue.
The joint release can be seen below.
— We have decided to withdraw the complaint we lodged with the European Commission in 2015 on the subject of anti-competitive practices in the sport of Formula 1.
We have been greatly encouraged by the dialogue that has been introduced following the appointment of Chase Carey as Executive Chairman and CEO of the Formula 1 commercial rights holder and his new management team. Their approach has brought a new culture of transparency to the sport and illustrates willingness to debate fundamental issues such as the distribution of the prize fund monies, cost control and engine regulations.
We are encouraged and reassured by the even-handed and fair negotiating approach taken by the new management of Formula 1 to all the teams and their issues.
While the concerns leading to the compliant were fully justified, we believe this new approach provides the necessary degree of assurance that our concerns will be looked at objectively, and we prefer to resolve the issues facing the sport through dialogue rather than a legal dispute.
We want to support this transformational process in Formula 1 and thus have resolved to withdraw our complaint with immediate effect.