Report: CVC poised to sell F1 stake

Aug.10 - CVC is poised to finally sell its multi-billion dollar majority stake in formula one, according to the business news agency Bloomberg.

The report this week said the London based private equity firm is "looking to exit the investment, possibly in a matter of weeks".

Bloomberg said CVC has enlisted the help of Goldman Sachs to look for buyers, with the price tag as high as $10 billion.

CVC looks set to bank a huge profit on the deal, with many insiders claiming the outfit's stewardship has not been positive for the sport.

F1 supremo Bernie Ecclestone, however, said CVC has been "pretty upfront" about its motives.

"They buy and sell companies looking to make a profit," he said.

"I'm happy with things at the moment," the 85-year-old added, saying F1 is "successful the way I run it".

"Let's see how they (CVC) continue," Ecclestone said.

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Leopold

Leopold Pleijsier founded F1-Fansite.com in 2001 and has followed Formula 1 since the early 1980s. He writes about daily F1 news, race weekends, drivers and the sport’s history.

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