Cvc: We Have No Plans To Sell

Formula One’s majority commercial rights holder CVC Capital Partners has denied it plans to sell its stake in the sport or replace Bernie Ecclestone as chief executive.

The rumours surrounding the private equity group’s intentions gained momentum last weekend when FIA president Max Mosley told the Times newspaper that CVC could be ‘tempted’ to sell by a large offer from a sovereign wealth fund, which would signal the end for Ecclestone.

‘CVC would be tempted, but I suspect it would be getting to the stage where Bernie is replaced,’ Mosley said.

‘If someone wanted to buy it, the whole business depends on a man who is 78-years-old.’

However, CVC, who have a 75% stake in Formula One, played down the speculation in a statement issued at the Hungaroring last Saturday.

‘We have no plans to sell our stake in Formula One,’ said the statement.

‘We see our investment as long term and we are pleased with its performance to date.’

CVC added that no plans were in place to remove Ecclestone.

‘We are delighted with the results of the business under his management,’ they said.