facebook
twitter
rss
account
search
search
 

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.
Most Popular
1
Cung Le recieves 9-month ban from UFC for HGH use Cung Le recieves 9-month ban from UFC for HGH use
2
Despite rumors, ESPN's Jon Gruden not interested in Raiders head coaching gig Despite rumors, ESPN's Jon Gruden not interested in Raiders head coaching gig
3
Former Patriot Rodney Harrison says Tom Brady looks 'scared to death' Former Patriot Rodney Harrison says Tom Brady looks 'scared to death'
4
Member of the Dallas Cowboys being investigated for sexual assault Member of the Dallas Cowboys being investigated for sexual assault
5
All eyes on Bridgewater as Vikings get ready to invade Green Bay
Trending News
x
Feedback