Formula One Set For $8.5bn Sale
Formula One is set for a $8.5bn (£6.5bn) sale to Liberty Media, according to reports.
The investment group, which owns Virgin Media, is expected to make the first of two payments on Tuesday and is in advanced talks with CVC Capital Partners, the US private equity group which controls the motorsport, according to the Financial Times and German magazine Auto Motor un Sport.
CVC Capital Partners currently has a 35% stake in Formula One and has held a major share for the past decade, selling some of its holding in 2012.
Other parties said to have considered buying into the sport include Qatar Sports Investments, which owns Paris St-Germain FC; and Stephen Ross, owner of the Miami Dophins.
If the deal goes ahed Chase Carey, the executive vice chairman of 21st Century Fox, is expected to become chairman of Formula One, according to The Financial Times.
Mercedes team chief Toto Wolf said: “If there is an investor that wants to buy the shares it is good news for Formula One. Maybe it is good news that an American media company buys Formula One. There are things we can learn from the American way, particularly in digital areas.”
Meanwhile on the track, Nico Rosberg cut Lewis Hamilton’s championship lead to two points with victory in Sunday’s Italian Grand Prix.
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