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CVC Has First Refusal To F1's Minority Shares, Likely Blocking News Corp. Bid
Published May 9, 2011
LOOKING FOR SUPPORT: The FINANCIAL TIMES’ Blitz, Edgecliffe-Johnson & Allen reported News Corp. is “appealing to a broad church of F1 parties to get behind its approach” to buy the series. News Corp.’s partner in the bid, Exor, also “controls the Ferrari F1 team.” But there is “no shortage of other teams who feel hard done by in negotiations with CVC and Mr Ecclestone over the share-out of F1 profits, and want a say in F1’s future.” Some F1 teams believe that the likelihood of them getting a larger share of profits “may tempt CVC to strike a deal sooner than expected.” But “to get inside the News Corp tent, they must get to grips with the reasoning behind the media group’s interest” (FINANCIAL TIMES, 5/7).