“Maybe it is good news that an American media company buys Formula One, but I don’t know what happens in terms of the management”.
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The well-sourced German magazine Auto Motor und Sport said the sport’s veteran commercial supremo Bernie Ecclestone had confirmed the deal at the Italian Grand Prix.
It is believed CVC is taking strict control of sale talks without too much influence from Ecclestone – who still spent time in the Monza paddock speaking to CVC co-owner Donald Mackenzie, Ferrari chairman Sergio Marchionne and Daimler head Dieter Zetsche.
Channel Four television pundit Eddie Jordan, a former team owner, said completion of the deal could force Mr Ecclestone out but others doubted any departure would be rushed.
A potential Liberty Media alliance would value the Formula One business between $8 billion and $9 billion, which has quickly grown from its reported $1.6 billion value in 2005 when CVC, a private equity group, took a controlling stake in the popular sports business.
“If there is an investor that wants to buy the shares, it is good news for Formula One”, Wolff added. “As far as I am aware, Bernie is going nowhere”. I think it’s important that we provide stability and a long-term view.
Ecclestone told Auto Motor und Sport his future with the business would remain in his hands.
Speculation on Sunday ahead of the Italian Grand Prix suggested F1’s current majority shareholder private equity company CVC Capital Partners was poised to end its 10-year involvement by selling its 35.5% stake, with a deal possible as soon as Tuesday.
CVC and Liberty Media declined to comment on the auto motor und sport report. “What role I play is my decision”.
The other shareholders are investment management company Blackrock and United States fund manager Waddell & Reed.
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Liberty Media began in 1991 as a spin-off of TCI, an American cable-television group. Magically, the ban was been lifted in its entirety so Bernie – already one of the richest people in the world – can make even more money.
