A chance discovery
I reported this yesterday, but from the number of visits there’d been many of you may not have seen the original short news bulletin. In the short time since I’ve further added some reflection and so this is too long for the daily news section.
Let’s remember that the only reason this story came to light was because I’ve been trawling Texas small and local media for F1 news prior to the circus arriving in town and became familiar with a number of publications.
“Formula One racing has received a $200m investment from the ‘Teachers Retirement System of Texas’. The largest public retirement system in the state invested the capital alongside Delta Topco Ltd., a holding company for Formula One Group”, the Austin American-Statesman reports.
The Austin Business Journal adds to this stating that according to analysts Formula One is valued at nearly $7 billion and the he investment by TRS represents 0.18 percent of its portfolio, which is valued at $113 billion.
So the teachers are hardly risking their retirement plans – more of a flutter. 4 days earlier, the ‘Canada Pension Plan’ announced it was investing $400 million in Formula One. That’s 9% of F1 owned by the Pensioner’s of North America.
