Formula One Could Be Sold This Year!

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Yes, you heard it right-the pinnacle of motor racing, Formula One could be sold this year, says F1 supremo Bernie Ecclestone, via a telephone interview during Camp Beckenbauer Global Summit in Kitzbuehel, Austria.

He said:
"Our shareholders at the moment are basically in such a position where they have to lose some of their shares, or all of them, shortly."

"That's the way things are set up for them. There has been a lot of interest and I would say there are three parties at the moment. I'd be surprised if one of them don't buy very shortly."

Formula One is expected to be sold this year it self, although Ecclestone did not reveal details about parties who are interested.

The current controlling shareholders are CVC Capital partners, with 35.5 percent stake, while Ecclestone holds 5.3 percent. Other shareholders include, BlackRock, Waddell & Reed, and Norges Bank.

A few reports dating back to June suggested that RSE Ventures, along with Qatar Sports Investments was to buy CVC's shares for an estimated USD 7 to 8 billion.

In 2012, CVC sold shares from 63 percent to its current holding.

formula one to be sold
Read more on: #formula one #motorsports
Story first published: Wednesday, October 7, 2015, 13:15 [IST]
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