Ecclestone Sells Interest in F1
Bernie Ecclestone and German bank BayernLB have sold their controlling stake in Formula One to CVC Capital Partners for an undisclosed sum. The sale gives the investment company 75 per cent control of F1. However Ecclestone will hold onto the chief executive post at Formula One Group as well as retaining a stake in the business.
“CVC are knowledgeable about motor sport and make an ideal partner for Formula One,” Bernie Ecclestone commented. However, there is reportedly still a fair amount of infighting within the series, with carmakers threatening to break away and set up a rival championship in 2008. Meanwhile, the Grand Prix Manufacturing Association wants a bigger slice of F1’s commercial earnings and more transparency, the BBC reported.
Ecclestone, 75, has made a fortune from his involvement with Formula One. “We are delighted to have CVC as a shareholder whose long-term strategies and vision will provide the stability for teams, promoters and manufacturers,” Ecclestone said in a joint statement with CVC.