BACK UP FOR GRABS: Formula 1 is back up for sale after CVC Capital is looking to sell its majority stake in the sport. Image: AP / Luca Bruno
London - CVC Capital Partners is poised to finally sell its multi-billion dollar majority stake in Formula 1, according to the business news agency Bloomberg.
A report earlier in August 2016 said the London-based private equity firm is "looking to exit the investment, possibly in a matter of weeks".
$10-billion price tag
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.
READ: Is F1 up for sale?
F1 supremo Bernie Ecclestone, however, said CVC has been "pretty upfront" about its motives.
Ecclestone said: "They buy and sell companies looking to make a profit.
"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 concluded.