Hot gossip in the motor-racing paddock: Americans poised to seize control of Formula One
Speculation is mounting that Formula One is about to be revamped by a US takeover that could bring new life and a higher profile for a sport struggling to attract new fans.
Media reports suggest F1’s largest and controlling shareholder, the hedge fund CVC Capital Partners, is preparing to sell the business to US media conglomerate Liberty Media for around US$8.5 billion; more than four times CVC’s original outlay in 2006.
At last weekend’s Italian Grand Prix, Formula One’s commercial boss Bernie Ecclestone met CVC co-chairman Donald Mackenzie, whose rare appearance in the paddock fuelled speculation of an imminent deal. When speaking at Monza, however, the 85-year-old Ecclestone would not confirm whether or not a sale is going ahead.
Liberty, a multi-billion dollar, mass-media company is run by 75-year-old John Malone. He is ranked 184th on the Forbes list of billionaires – 69th in the US – with a net worth of US$7.1 billion, and Forbes credits him as being the “nation’s biggest individual landowner, with over two million acres across seven states”.
Malone would not be a newcomer to the high-end world of sport, since Liberty owns Major League Baseball side the Atlanta Braves.
