facebook
twitter
search
search

Formula One to change hands

Nov. 25, 2005 at 11:50 AM

LONDON, Nov. 25 (UPI) -- CVC Capital Partners, a private equity group, is buying control of Formula One car-racing series from Bernie Ecclestone and German bank BayernLB.

The price wasn't revealed, but Grand Prix racing now attracts 150 million viewers and brings in more than $600 million in revenue.

JPMorgan, BayernLB and Lehman Brothers together hold 75 percent of SLEC, with BayernLB owning slightly more than half. Ecclestone's family trust owns the other 25 percent.

CVC was originally the European private equity division of New York's Citicorp.

Related UPI Stories
Latest Headlines
Trending Stories
Electronics certification company makes hoverboard burst into flames
Eli Manning explains pout after Denver Broncos' Super Bowl score
Duke's Grayson Allen trips Louisville player
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Larry Sanders considering NBA comeback