Formula One could be sold this year: Ecclestone

Tue Oct 6, 2015 4:45pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

LONDON (Reuters) - Formula One could have new owners by the end of the year with three parties currently interested, the sport's commercial supremo Bernie Ecclestone said on Tuesday.

"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," the 84-year-old Briton told a Camp Beckenbauer Global Summit in Kitzbuehel, Austria, in a telephone interview.

"That's the way things are set up for them," he added.

"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."

Asked what sort of timeframe was likely, Ecclestone replied: "This year."

Ecclestone did not name any of the interested parties.

CVC Capital Partners are currently the controlling shareholders with a 35.5 percent stake, while Ecclestone holds 5.3 percent.

U.S. investment groups BlackRock and Waddell & Reed, along with Norway's Norges Bank, are among other shareholders.

Reports in June suggested that RSE Ventures, the investment vehicle of Miami Dolphins owner Stephen Ross, was teaming up with Qatar Sports Investments to buy CVC's stake in a potential $7 billion-$8 billion deal.   Continued...

 
Formula One supremo Bernie Ecclestone walks in the Mercedes team garage during the third practice session of the Canadian F1 Grand Prix at the Circuit Gilles Villeneuve in Montreal June 6, 2015. REUTERS/Chris Wattie