Formula One shareholder Bernie Ecclestone denies reports of possible bid
Formula One (F1) shareholder Bernie Ecclestone has denied reports of his interest in a possible bid for the motor racing company, The Sunday Telegraph reported. Ecclestone, quoted in a longer article about the prospects of F1’s largest shareholder CVC Capital Partners selling its stake next year, did not completely rule out bidding for F1 but said there is currently “no point” to him making an offer.
Reports had suggested that Ecclestone was thinking about making an offer and increasing his stake in F1’s holding company Delta Topco, the newspaper said.
Ecclestone noted that CVC Capital has valued its 35% stake in Delta Topco at USD 10bn (EUR 7.39bn).
Separately, the report said the memorandum for CVC’s Fund IV, which part-financed the buyout group’s acquisition of its Delta Topco stake in 2006, stipulates a term of ten years, which can be extended only with the consent of the majority of its shareholders. Ecclestone said CVC’s structure dictates that it will eventually have to exit its investment in F1, according to the newspaper.
It is understood that CVC is in discussions with Discovery Communications and Liberty Global about the two US-based media companies’ bid for a 49% stake in Delta Topco, the item said. John Malone, a Colorado-based media entrepreneur, is the controlling shareholder in Discovery and Liberty, the article noted.
Source Sunday Telegraph