Formula One could be sold to the owner of the NFL team Miami Dolphins and investors in Qatar in a deal worth £5bn.
Bernie Ecclestone is unlikely to be going anywhere, however, even though he would sell his 5% stake in the sport if the deal went ahead it is likely his services would be retained in the takeover.
“They believe he brings a lot to the sport and they can help expand it into the US and Chinese markets,” said a source quoted in the Financial Times.
It was confirmed that there were interest in Qatar and particularly from Qatar Sports Investments, the owners of
Paris Saint-Germain. However,
the sport’s owners, denied the involvement according to a source close to CVC Capital Partners.
Ecclestone told the Financial Times his shares “will be sold” but there was “no deal on the table”. During the Austrian Grand Prix, Ecclestone was quoted as describing the sport he has ruled for four decades as “crap”.
CVC has made an estimated £5bn profit from a sport with a turnover of £1.5bn but the teams have been angered by CVC’s reluctance to reinvest profits in F1 and, apart from the big names, the rest have struggled to keep going.
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