Report: Formula One to be sold next week

Report: Formula One to be sold next week
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Published September 8th, 2016 - 17:58 GMT via SyndiGate.info

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Auto Motor und Sport said that the sport’s veteran commercial ring-master Bernie Ecclestone had confirmed the deal at the Italian Grand Prix
Auto Motor und Sport said that the sport’s veteran commercial ring-master Bernie Ecclestone had confirmed the deal at the Italian Grand Prix

The long-awaited sale of Formula One to an American media group is to be completed next week, according to media reports on Sunday.

The well-sourced German magazine Auto Motor und Sport said that the sport’s veteran commercial ring-master Bernie Ecclestone had confirmed the deal at the Italian Grand Prix.

The magazine reported that Ecclestone said Liberty Media, backed by American media tycoon John Malone, will make the first of two payments in a deal valued at 8.5 billion dollars.

If that goes through, according to well-informed paddock sources, current owners CVC Capital Parners, who hold a 35 percent stake, will leave the sport.

Ecclestone, 85, said his future with the business would remain in his hands. He told Auto Motor Und Sport: “I will do what I have always done. What role I play is my decision.”

Ecclestone, whose mother-in-law was kidnapped in Brazil recently, did not respond to questions about the sale when asked ahead of Sunday’s race at Monza.

Others who have looked at a deal to buy the motorsport include Qatar Sports Investments, the owners of Paris Saint-Germain football club, and Stephen Ross, the owner of American football team the Miami Dolphins.

Copyright 2016 Al Hilal Publishing and Marketing Group

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