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Formula One to change hands

Nov. 25, 2005 at 11:50 AM   |   Comments

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.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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