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F1 sale could happen this year, says Ecclestone

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F1 sale could happen this year, says Ecclestone
By:
Oct 6, 2015, 6:07 PM

Bernie Ecclestone says that three parties are interested in buying into Formula 1 – and he expects a deal to go through before the end of this year.

Bernie Ecclestone,
Donald Mackenzie CVC Capital Partners Managing Partner, Co Head of Global Investments with Toto Wolff, Mercedes AMG F1 Shareholder and Executive Director on the grid
Lewis Hamilton, Mercedes AMG F1 W06 leads at the start of the race
Bernie Ecclestone

As Motorsport.com reported in June, Qatari Sports Investments and US financial group RSE Ventures – headed by Stephen Ross – had shown an interest in buying 35.5 percent of the Formula 1 Group from CVC Capital Partners, the current major shareholder.

Ecclestone was speaking by telephone to the Camp Beckenbauer sports business forum on Tuesday, when he was asked about interest from Qatar.

“Our shareholders at the moment are in such a position at the moment where they have to lose some of their shares, or all of them, shortly,” said Ecclestone. “That's the way things are set up for them.

“There has been a lot of interest. I would say there are three at the moment parties that... I'd be surprised if one of them doesn't buy it shortly.”

Pressed on the likely time frame, he added: “This year.”

Ecclestone has indicated in the past that CVC was under pressure to sell.

“It’s like all hedge funds,” he told Motorsport.com in July. “They invest people’s money for a certain period. It doesn’t matter how good they do, they have to give it back.

"Maybe they re-invest again, maybe they don’t, I don’t know. They’re past their sell-off date. They have extended it a couple of times.”

 

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Series Formula 1
Author Adam Cooper