Owner CVC looks set to proceed with the floatation of F1 later this year, according to Formula One business journalist Christian Sylt.
Late last year, Sylt said CVC had decided to continue to delay the planned Singapore floatation until at least 2014. Read more... (123 words, estimated 30 secs reading time)
A company has filed a $650 million lawsuit against Formula One.
Bluewaters Communications Holdings claims it was the high bidder to buy the sport in 2005. It is claimed CVC, F1′s current owner, was the lower but successful bidder because of F1 chief executive Ecclestone’s alleged bribes to the now-jailed former banker Gerhard Gribkowsky. Read more... (126 words, estimated 30 secs reading time)
F1′s plans to float on the stock exchange look set to sit idle on the grid for some time.
Writing in the Telegraph, business journalist Christian Sylt said the sport’s owner CVC has now delayed the listing at least until 2014. Read more... (114 words, estimated 27 secs reading time)
One of F1′s new owners has bought even more of the sport, it has emerged. Amid expectations last month that the Singapore floatation was going ahead, the US based asset managers Waddell and Reed, and others, bought a $1.6 billion stake in the Formula One business from existing owners CVC. Read more... (107 words, estimated 26 secs reading time)
Formula One is worth about $8 or $9 billion, as the sport’s owner CVC confirmed it has this week sold a 21 per cent stake to new investors.
News of the sale coincided with the launch of pre-marketing ahead of one of the biggest ever sports floatations, data by the financial experts Thomson Reuters shows. Read more... (203 words, estimated 49 secs reading time)
Even ahead of F1′s Singapore floatation, the sport has some new owners.
Reuters, the specialist financial market news agency, said US-based asset managers Waddell and Reed, Blackrock and Norway’s Norges Bank have bought a $1.6 billion stake from existing owners CVC. The report cited a source “with direct knowledge of the matter”. The companies did not immediately comment. Read more... (171 words, estimated 41 secs reading time)
Following the bankruptcy of the Lehman brothers, private equity group CVC are expected to buy their 16.8 percent stake in Formula One from the administrators. The investment bank had owned a 16.8 percent stake in Delta Topco, making them the second biggest shareholder after CVC. Read more... (133 words, estimated 32 secs reading time)
Formula One’s commercial rights holder CVC Capital Partners has dismissed speculation, triggered by comments from FIA president Max Mosley, that it is about to sell the sport and replace Bernie Ecclestone.
Rumours have been doing the rounds for several weeks now that the investment company, which owns around 70% of the Formula One Group, is looking to sell-off its shareholding of the sport. Read more... (364 words, 1 image, estimated 1:27 mins reading time)
F1 teams have agreed to setup a new body that will work in conjunction with the FIA and Formula One Management to thrash out a new Concorde Agreement including the commercial conditions and new rules. The new body has representatives from each Formula One team. Read more... (152 words, estimated 36 secs reading time)