Formula 1 News: Bernie Ecclestone Prepared To Sell F1 Stake As Holding Company May Bow Out
Formula 1 boss Bernie Ecclestone recently revealed he’s prepared to sell a stake of the prestigious motorsport. For anyone interested, however, the asking price is roughly £6 billion or $8.5 billion.Advertisement
According to Ecclestone, it is possible for a 35 percent stake in Formula 1 to go on sale for the stated amount. The said stake is currently owned by holding company CVC Capitol Partners. However, the Formula 1 boss is now hinting that the company may decide to put it on sale soon.
“I think CVC will make a decision on the sale sooner or later,” Ecclestone explained. He also revealed that there are parties already interested to buy the stake, two of which have even agreed on the price. “It’s just a question of whether CVC wants to sell or not,” said the F1 boss, who has been running the sport for 40 years says.
According to a report from The Sun, CVC had purchased Formula 1 ten years ago for £1.2 billion. Since then, however, the company has already sold half of its holding to a number of American asset management and investment companies. Ecclestone has been running the motorsport for them. Moreover, according to a report from ROT, Ecclestone had also hinted last year that he would sell his own five percent of the stake as part of any deal made with a buyer.
As for the future of Formula 1 and the different direction it might take, Ecclestone said it may largely depend on the new buyer. “You don’t know what’s going to happen until somebody buys and you see what they are like,” he explained. Moreover, it is uncertain if Ecclestone will stay on in his role once a the sport gets a new owner.
Meanwhile, Ecclestone also revealed that 2016 might be the final year the sport would have an Italian Grand Prix, as Monza struggled to meet growing costs to host a race weekend. According to Ecclestone, Monza’s contract is only until this year, and it is still unknown if the track will continue to host Formula 1 next year.
On the other hand, Mercedes driver Nico Rosberg decided to choose Ferrari – sort of. During a recent interview, the German driver revealed that if he could pick just one race car, it would be the Ferrari 250 GTO.