According to an Article in Forbes Today, the company that runs Formula 1 Racing, Formula One Management (FOM) is going public on the Singapore Stock Exchange and stuck in the 498 page Prospectus it is reveled that the company Paid $8.5 Million dollars for their domain name Formula1.com back in 2002.
Its another one of those big money sales that we never heard about.
According to the Forbes story the company has $1.6 billion in annual revenue making the $8.5 looks like the literal drop in the bucket.
Here is what one of the readers of thedomains.com Dave left as a comment:
The Forbes article says that Formula 1 paid $8.5 million to buy formula1.com, which was an independent site reporting on Formula 1. Would you happen to have a link to the actual prospectus? I haven’t been able to find it.
Interestingly though, the owner of F1.com apparently sold his domain to the owners of formula1.com for $25,000 plus 0.5% share in their business. But before the whois was changed, Formula 1 filed a UDRP on F1.com:
http://www.wipo.int/amc/en/domains/decisions/html/2000/d2000-0193.html
It’s an good read.
If the Forbes article and UDRP decision are accurate, then the sale price of F1.com is closer to $67,500 by my calculation.
I’d take that for Racing.com
Michael,
The Forbes article says that Formula 1 paid $8.5 million to buy formula1.com, which was an independent site reporting on Formula 1. Would you happen to have a link to the actual prospectus? I haven’t been able to find it.
Interestingly though, the owner of F1.com apparently sold his domain to the owners of formula1.com for $25,000 plus 0.5% share in their business. But before the whois was changed, Formula 1 filed a UDRP on F1.com:
http://www.wipo.int/amc/en/domains/decisions/html/2000/d2000-0193.html
It’s an good read. If the Forbes article and UDRP decision are accurate, then the sale price of F1.com is closer to $67,500 by my calculation.
Dave you are awesome just moved your comment into the story.
What a panelist! What a smart cookie!!
William R. Cornish, is brilliant.
This goes to show the world is ‘going to hell in a hand basket’. That was a 2000 decision, and they don’t make’em like that no mo’.
Format.com acquired http://techcrunch.com/2014/07/09/format-acquires-format-com-updates-its-portfolio-website-app-as-it-relaunches/
umm… no debating on Dave’s awesomeness but the math is wrong.
.5% of the business adds up to one hell of a lot more than that, in 2012 £4.8 Billion was the estimated value of the company. You can’t assume the seller cashed out immediately, that’s not the point of equity deals…