Chinese group poised to invest $1.5bn for slice of F1

A group of Chinese investors has been linked to the bid made by Miami Dolphins NFL team owner Stephen Ross to take over the ownership of Formula 1.

Sky News has reported that China Media Capital (CMC) is part of a group of firms who want to be part of the $8.5bn bid that is currently being proposed.

Ross’s US-based financial group RSE Ventures was previously reported to be bringing finance from Qatar Sports Investments in its bid to obtain 35.5 percent of the Formula 1 Group from CVC Capital Partners, the current major shareholder.

But QSI is now thought to be less likely to be involved, although another $2bn is needed to be raised to finance the bid.

The potential new investment group is understood to be keen to retain Bernie Ecclestone at the helm of the sport, while putting extra emphasis on cultivating F1’s media and sponsorship rights.

"They believe they can double F1's profits," a source close to the bid told Sky News.

Ecclestone recently said of potential suitors of CVC’s stake: “I'd be surprised if one of them doesn't buy it shortly.”

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Series Formula 1
Article type Breaking news