By Euro Weekly News Media • 07 October 2015 • 8:29
Formula One may be sold by the end of the year
THERE are three interested buyers in Formula One and the motor series could well be sold by the end of the year, according to commercial chief Bernie Ecclestone on Tuesday, October 6.
Ecclestone, now 84, told the Associated Press said that he would continue in his position, managing F1 as commercial chief, even after such a sale. He did not name the parties who he says are interested in becoming the new owners.
“There has been a lot of interest,” the F1 boss said, “I will be surprised if one of them doesn’t buy very shortly. “
Dealing with his own involvement in the process he said: “The people that I’ve spoken to, the people who are interested in buying the shares, have asked me if I would stay.”
He confirmed that the answer to that question is yes.
The investment fund, CVC Capital Partners, is Formula One’s largest and controlling shareholder at the moment and Ecclestone went on to say that the CVC co-chairman, Donald McKenzie, would be key in the decision making before any possible sale.
“There are three people mentioned as potential buyers, so it’s a case of whether CVC or Mr McKenzie wants to sell.”
CVC owns 35.5 per cent of Formula One and Ecclestone has a 5.3 per cent stake. CVC gained its controlling share of the sport in 2006 for around $2 billion (€1.78 billion)
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