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.

Advertisement

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
WATCH: Umpire exits after hit in head with bat
Michael Jordan vetoed a Tracy McGrady for Scottie Pippen trade
WATCH: Irish soccer fans dent car roof, immediately fix it
Paulina Gretzky's dress upstages Dustin Johnson's U.S. Open win
Swedish soccer player removed from game for farting
Videos