Formula 1 chief executive Bernie Ecclestone has revealed the sport could be sold before the end of the year.
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United States investment groups BlackRock and Waddell & Reed, along with Norway’s Norges Bank, are among other shareholders. Addressing a Camp Beckenbauer event via videolink, the 84-year-old said the decision rested with CVC Capital Partners and its chairman, Donald Mackenzie.
“There has been a lot of interest and there are three interested parties at the moment”. “That’s the way things are set up for them”.
Asked about the future ownership of F1, Ecclestone said: “Our shareholders are in a position at the moment where they have to lose a few, or all, of their shares shortly”.
When questioned about how soon this deal would occur, Ecclestone replied “this year”.
The AP reported in June that F1 is a takeover target for Qatar Sports Investments, which has French soccer club Paris Saint-Germain in its investment portfolio and linked up with Miami Dolphins owner RSE Ventures to consider a bid.
Mackenzie told news agency Reuters in July that the private equity firm was under no pressure to sell, while Ecclestone suggested that the duo might look to buy in under their own names.
And is it coincidence that CVC might be looking to sell just as the European Union looks to investigate the sport? Ecclestone himself holds just over 5%, and any sale would still keep him on the board, in addition to him keeping his share in Formula 1.
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“I think we are going to hear more news about it later, then we know for sure what’s happening”, he said.
