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News

CVC confirms F1 buy-out
Wednesday, 29, March, 2006, 12:24

The CVC Capital Partners Group announced on Tuesday that it has completed its buy-out of the Formula One Group.

It’s newly formed company, Alpha Prema UK Limited, will now take charge of F1’s commercial rights having acquired the SLEC Holdings company.

This means that  F1 supremo Bernie Ecclestone and Bavarian bank BayernLB have sold their shares in SLEC to CVC which now has a controlling interest in the sport.

Ecclestone is expected to remain at the helm of the business as chief executive with his Bambino family trust retaining an unspecified stake.

The news comes after the EU approved the deal last week with the caviat that CVC must relinquish its interests in MotoGP.

The five dissenting manufacturers, BMW, Toyota, Honda, Mercedes and Renault, also officially entered the 2008 world championship on Monday, lessening the chance of a breakaway series.

"We are pleased that we have now completed our investment in Formula One, and look forward to working with Bernie Ecclestone and his team to further develop and grow the business," said CVC’s Donald Mackenzie.

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