Background
The calendar was initially announced as the same as for 2005, with the Belgian Grand Prix scheduled for 17 September. However, on 8 February, the FIA announced that the Belgian National Sporting Authority (RACB) were withdrawing Spa-Francorchamps from the 2006 Formula One calendar due to lack of time to complete improvements to the track. The mayor of Rio de Janeiro, Brazil, offered his city's track as a possible replacement for the Belgian Grand Prix, but the FIA said that the Belgian race would not be replaced. The race has traditionally received strong support from drivers and FIA President Max Mosley and the Grand Prix was back on the Grand Prix calendar for the 2007 season.
2006 was the last season with two tyre manufacturers: The two manufacturers at the time were Japanese manufacturer Bridgestone and French company Michelin. In December 2005, the FIA announced that from the 2008 season, there would be only one tyre supplier. Five days later, Michelin announced it would quit Formula One at the end of the 2006 season as it did not want to be in Formula One as the sole tyre supplier.
At the end of 2005, three well-known teams were bought out: Minardi, Sauber and Jordan. The former were bought by Red Bull to be run as a junior team to house their growing list of young talent looking for an F1 drive. Despite campaigns by Minardi fans the team were renamed Scuderia Toro Rosso (Toro Rosso), Italian for Team Red Bull. The Sauber team was purchased by BMW. BMW opted to keep the Sauber name in F1 renaming the team BMW Sauber. Jordan, who had been bought by the Midland Group in 2004, changed their name to MF1 Racing after a transition year in 2005.
2006 also saw the introduction of a new Japanese team, Super Aguri F1, founded by former F1 driver Aguri Suzuki, who entered at the last moment. Super Aguri notified the FIA on 1 November 2005 (ahead of the governing body's 15 November deadline) of their intention to enter, but the FIA's initial entry list stated they had not approved Aguri's entry. However, the team received the consent of the ten existing teams to compete and paid the US$48 million bond required as a deposit. The team was confirmed by the FIA on 26 January 2006.
Between the 2005 and 2006 season the ownership of Formula One changed significantly. Until November 2005 the Formula One group was owned by an Ecclestone family trust and Speed Investments (a grouping of Bayerische Landesbank, JP Morgan Chase and Lehman Brothers). On 25 November, CVC Capital Partners announced it was to purchase both the Ecclestone shares (25% of SLEC) and Bayerische Landesbank's 48% share, held through Speed Investments. By 30 March, CVC had acquired all remaining shares and later that month the European Commission announced approval of this deal, conditional upon CVC relinquishing control of Dorna Sports, promoter of MotoGP. On 28 March CVC announced the completion of the Formula One transaction. Ecclestone reinvested proceeds of his stake into the new Formula One parent company Alpha Prema.
Another Ecclestone victory involved the Grand Prix Manufacturers' Association's proposal for an alternative World Championship. On 27 March, the five car manufacturers involved lodged applications for the 2008 season, reducing the likelihood of a breakaway series. On 14 May, Grand Prix Manufacturers' Association (GPMA) members confirmed they had signed a Memorandum of Understanding, a move toward signing a new Concorde Agreement. Five days later, Bernie Ecclestone and CVC Capital Partners signed a Memorandum of Understanding with the GPMA which should see the five "rebels" continue racing in Formula One at least until the 2012 season.
Read more about this topic: 2006 Formula One Season
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