US-Qatar investors buy Formula One stake
Qatar Sports Investments and the New York-based RSE Ventures have together bought a controlling stake in Formula One
Qatar Sports Investments, owner of Paris Saint Germain (PSG) football club, and the New York-based RSE Ventures, owner of American Football franchise Miami Dolphins, have together bought a controlling stake in Formula One from private equity fund CVC Capital Partners, according to reports from the Financial Times and Reuters.
CVC is the largest shareholder in Formula One with a 35.5 per cent interest managed by the veteran motor sport magnate Bernie Ecclestone.
The UK newspaper, quoting sources close to the negotiations, said the deal could be worth $7 billion to $8 billion with a view to building the sport’s presence in the United States.
CVC has come close to floating its stake twice in the past three years with a target valuation of more than $10 billion. However, those plans stalled.
Qatar has recently talked of hosting a grand prix on a new street circuit in the city of Lusail. It could thus become the third Middle East country to hold an F1 event after Bahrain and the UAE. It is believed Bahrain has a veto on whether another Gulf neighbour should host a grand prix and is not keen on the idea.