Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Formula One sale decision by start of next season - Ecclestone in paper

Published 03/12/2015, 07:13
Updated 03/12/2015, 07:50
© Reuters. Formula One supremo Ecclestone speaks to the media at the paddock area ahead of the Russian F1 Grand Prix in Sochi
CVC
-

BERLIN (Reuters) - The owners of Formula One will make a decision on whether to sell before the start of the next season in March, the sport's commercial supremo Bernie Ecclestone told German daily Handelsblatt.

"I believe we will decide in the next few months. I hope we will know for sure before the start of the next season whether CVC will sell, or not," the F1 chief executive was quoted as saying in an interview published on Thursday.

Ecclestone said that there were some people who would like to buy Formula One but that in reality, there were around only four interested parties that would actually have the necessary finances to buy the asset should CVC (CVC.UL) decide to sell.

When asked whether he would sell his own stake of 5 percent, Ecclestone said he hadn't thought about it.

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 [NOCB.UL], are among other shareholders.

© Reuters. Formula One supremo Ecclestone speaks to the media at the paddock area ahead of the Russian F1 Grand Prix in Sochi

CVC had previously said in July that the rights holders were under no pressure to sell.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.