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CVC Capital partners are looking to sell their 35 per cent stake in Formula One.
The investment firm bought F1 back in 2006, paying $2 billion and a sale could be worth up to $10 billion.
CVC has sought Goldman Sachs Group to help them find buyers and is looking to sell "in a matter of weeks" according to Bloomberg.
F1's ownership by CVC has come under criticism for allowing most of the money made to leave, rather than stay in the sport.
"Has CVC’s ownership been good for the sport? Not really," said Xander Heijnen, a former spokesman for the Grand Prix manufacturer association. "They have improved the structure and governance, but ideally all of the money made within the sport should stay within it, and that isn’t the case with the financial investor model."
Bloomberg also reported that Sky Plc, the Qatar Investment Authority and RSE Ventures, chaired by Stephen Ross, owner of the Miami Dolphinsare have shown an interest in investing, according to sources familiar with the matter, although they asked not to be identified.
Grand Prix of Belgium
G. Zhou
Replies (2)
Login to replyHepp
Posts: 200
Yes, sell at a ten year - 412% profit to a conglomerate that expects a 500% mark-up. Advertising out the wazoo and who cares about the rest.
calle.itw
Posts: 8,527
Now, if they would get an owner which doesnt sell F1 to paychannels, that'd be great. Seriously, first F1, now OS. Where will it end?