F1

Private equity company eyes Formula One rights - Ecclestone

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Global Motorsport Media

A US-based private equity company has expressed interest in Formula One, the sport's chief executive Bernie Ecclestone has revealed.

Bernie Ecclestone
Bernie Ecclestone

Photo by: xpb.cc

A report by F1 business expert Christian Sylt in the Express on Sunday newspaper said Hellman and Friedman, owners of Getty Images, have carried out research into the sport's finances.

Ecclestone confirmed the fund, which owned 37.5 per cent of F1's holding company SLEC for a short time more than a decade ago, is currently "scratching around talking to people".

F1 is currently majority-owned by CVC, who paid $1.7 billion for the commercial rights in 2006.

Binding the owners with governing body the FIA and the 12 competing teams is the Concorde Agreement, which expires at the end of next year.

"Next year we will start looking at making offers to the teams," said Ecclestone. "We are not doing anything at the moment because we are not free to do the things we want to do until next year."

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Series F1
Tags cvc, ecclestone, hellman and friedman, slec

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