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.
“In reality, we are the only buyer,†CVC s UK managing director Nick Clarry explained to the Telegraph newspaper. “We have made an offer to buy Lehman s shares in the past and may do so again.†Clarry also revealed that CVC have first refusal on Lehman s shares anyway as the group have control and Lehman would not be able to sell the shares on without first offering CVC the shares, and if they didn t want to buy them, CVC s approval would still be needed for any share transfers.
