Controlling Stake in Formula 1 Could Sell for $8.5 Billion

CVC, the holding company of Formula 1, could sell a 35-percent commanding stake in the top-tier motorsports series to an undisclosed buyer, according to a report from The Sun. Bernie Ecclestone, who has run the series for 40 years, hinted that a deal was possible.

“I think CVC will make a decision on the sale sooner or later,” Ecclestone said.

“There are people who want to buy. Actually, two of the people have agreed the price. It’s just a question of whether CVC wants to sell or not.”

CVC bought Formula 1 for about $14.4 billion a decade ago and has since sold off about half of its shares to various U.S. asset management and investment companies. No word on whether Ecclestone will remain in charge of the sport if a deal does go through. Ecclestone criticized Formula 1 saying it’s “the worst it has ever been.” He also agreed with racers who aren’t happy with how the series is being managed.

“You don’t know what’s going to happen until somebody buys and you see what they are like,” Ecclestone said when asked how things would be with a future owner. “How do you know if you will get on with them?”

Source: The Sun

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