- News
CVC sells $1.6bn stake in Formula One
Formula One's owners - private equity firm CVC Capital - has sold a 21% stake in the sport for $1.6 billion ahead of the planned $3 billion initial public offering of Formula One on the Singapore stock exchange.
A statement from the company said that three institutional investors - BlackRock, Norges Bank Investment Management and Waddell & Reed - had bought the stake but that CVC Capital continued to be the "largest and controlling stakeholder".
The deal means Formula One is worth at least $7 billion but that would be reduced if the current negotiations with Mercedes, which has yet to sign the new Concorde Agreement, do not end with an agreement.
Earlier this month Mercedes boss Nick Fry made clear that the sport needed his team to maximise its worth. "If CVC wish to float F1, I think they need this resolved fairly quickly - possibly more than we need it resolved," he said. "Discussions continue but progress is not as strong as I would like.
"F1 definitely would be much the poorer if Mercedes was not a participant and I am completely convinced in my mind that, if CVC wish to sell some or all of F1, the value they can derive from that would be severely diminished if Mercedes was not a participant."
Formula One's revenues are expected to be about £1.2bn this year, earned from fees paid by circuits to host races, TV income, and corporate hospitality.
© ESPN Sports Media Ltd.
- Latest
- Most Viewed
- News
- Features
-
Poker
Michael Ruane's anonymity was nice while it lasted
Michael Ruane has lived most of his life in poker obscurity, exactly how he wanted it. But those days are gone now that he's in the November Nine.
-
Poker
WSOP: 50-year-old Cliff Josephy highlights 2016 November Nine
Two-time World Series of Poker bracelet-winner Cliff Josephy is the chip leader of the 2016 WSOP main event, which reached its final table Monday.
-
Poker
Vojtech Ruzicka takes top stack into Day 7 of 2016 WSOP main event
Vojtech Ruzicka leads with 27 players left in the 2016 WSOP main event, with 50-year-old and two-time bracelet-winner Cliff Josephy just behind him.
-
Poker
WSOP: On the brink on Day 6 of the main event
Players near the bottom of the chip counts on Day 6 of the WSOP main event have a paradox -- they're still in, but their chances of advancing are slim.
-
Poker
WSOP: Jerry Wong holds lead with 80 left after Day 5 of main event
Jerry Wong is one of three players with at least 10 million chips going into Day 6 of the 2016 WSOP main event, but it's a tight race up top.
-
Rugby
Leadership key if young Blues are to succeed in Super Rugby
The Blues have the talent and an excellent coach in Tana Umaga, but they'll need strong leadership if they're to succeed in Super Rugby -- Craig Dowd writes.
-
Rugby
Punters rushing to back Jaguares for Super Rugby title
Clear outsiders before naming their squad, the Jaguares sat at $251 to take the title; but with the naming of 23 Pumas stars in their squad, they are now one of the most favoured teams.
-
Rugby
Greg Growden: Expanded Super Rugby a convoluted mess
Super Rugby enters its 21st season this week, but there is no reason to party as expansion has made the competition woefully lopsided, Greg Growden writes.
-
Rugby
Eddie Jones - Behind the iron mask of England's coach
Eddie Jones is set to shake up England, but how did an Aussie youngster who grew up loving cricket morph into the hardened leader the rugby world knows today?
-
Rugby
The wild and winding road that led John Mitchell to coach USA Eagles
We take a look back through John Mitchell's coaching career, beginning with that stint in charge of the All Blacks.
- News
- Features
Sponsored Links
- Make Huge Income from your Home
Download your Free Guide And Learn How To Increase Your Monthly Income
