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Ecclestone calls on CVC for clarity
Bernie Ecclestone says that until CVC Capital Partners decides what it wants to do, in terms of its stake in F1, the sport is effectively in limbo. The private equity firm bought F1 in 2006 with a $1.1bn loan financed by the Royal Bank of Scotland and a further loan of $965m from its investment Fund IV. Since then, CV, which has sold off some of its holding but still retains a 35% share, has raked in around $4.4bn in dividends, whilst its remaining stake is said to be worth around $3bn. Whilst 20.7% has been sold to American asset management company Waddell and Reed, and Ecclestone himself holds 5.2%, there have been several false starts in terms of CVC's future in terms of F1. Having held...
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9y ago from Pitpass.com
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