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CVC to unload F1 for $10-billion - report

2016-08-10 10:27

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.

A photo posted by FORMULA 1® (@f1) on

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