CVC likely to buy Lehman’s F1 stake

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.

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