Bernie Ecclestone hints at Formula 1 takeover

Wednesday, December 7th, 2016 - autos, cars, motoring, news

Source : Bernie Ecclestone hints at Formula 1 takeover

The chief executive of F1’s management company says three bidders are considering buying into the sport before the year will be out

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Bernie Ecclestone has stated in which Formula 1 could be sold to a brand-new owner before the end of 2016.

The 84-year-old, who will be the chief executive of the sport’s management company, Formula One Group, hinted in which one of the sport’s shareholders could be on the verge of selling off their stake.

Formula One’s parent company, Delta Topco, will be owned by several shareholders, with CVC Capital Partners, Waddell & Reed along with also the estate of the bankrupt Lehman Brothers as the main protagonists.

There was speculation within the summer in which equity firm CVC might offload its shareholding, although at the time these were dismissed by company chairman Donald Mackenzie.

Speaking to the Camp Beckenbauer sports business forum via telephone on Wednesday, Ecclestone said three interested parties were considering bids.

“The shareholders at the moment are in a position where they have to lose some or all of their shares shortly. in which’s the way things are set up for them,” he said.

“There has been a lot of interest along with also I would likely say there are three parties at the moment. I would likely be surprised if one of them doesn’t buy very shortly.”

Asked to clarify when he expected a takeover to occur, Ecclestone said: “This particular year”.

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