Filed under: Motorsports, Earnings/Financials
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It may be a while before Bernie Ecclestone is successful in his plans to float Formula One on the Singapore Stock Exchange, but that doesn’t mean that he and his employers at CVC Capital Partners can’t begin selling off chunks of their business.
Out of a valuation of $9.1 billion, CVC sold off $1.6 billion worth of Formula One to funds managed by Waddell & Reed Investment Management and Ivy Investment Management last month. That amount was augmented this week by another half-billion, bringing their total investment (and CVC’s divestment) up to 20.9 percent, or $2.1 billion.
Because the buyers are primarily interested in the financial value of the business and presumably less in its day-to-day operation, we wouldn’t expect much to change in how F1 is run. However, we wouldn’t be surprised to see Formula One Management take a more proactive approach to marketing and promoting the series if the new shareholders are interested in capitalizing on their investment.CVC sells off 21 percent of Formula One originally appeared on Autoblog on Wed, 20 Jun 2012 10:32:00 EST. Please see our terms for use of feeds.
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