F1 Set To Revamp Boardroom DFB Confirms Bid To Host Euro 2024 RFU's Melville Reveals Blueprint For Growth SRU Opposing Residency Rule Change Racing Finishes 2nd In GB Attendance Sebastian Coe To Talk To MPs Again RFU Could Impose Five-Year Rule Ecclestone Set To Be Eased Aside GPA CEO Identifies Greatest Challenge Players Urged Not To Sign BBL Deals
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
SBD Global/September 21, 2012/Leagues and Governing Bodies
F1 Is CVC's Most Profitable Investment; Kuwait And Singapore Buy CVC Stakes
Published September 21, 2012
WANT MORE GREAT STORIES LIKE THIS?
CLICK ON ONE OF THESE BUTTONS
A PIECE OF THE PIE: SKY NEWS' Mark Kleinman reported that government-backed funds in Kuwait and Singapore "have acquired a stake in CVC Capital Partners, the buyout firm, which counts F1 motor racing and the owner of Madame Tussauds among its investments." Entities connected to the Kuwait Investment Authority and the Government Investment Corp. of Singapore and an unidentified Asian fund "have bought 10% of CVC's management company in a deal, which reinforces its status as one of the most influential private investors in the world." The transaction "was struck in June" and was outlined to investors in CVC's funds at the time. It was also discussed at the firm's annual conference in London last week. The new investors "gain a share of the profits made by the management company and get preferential access to investment opportunities." CVC has been "planning a flotation of F1 in Singapore although it was delayed earlier in the year because of the Eurozone crisis," and people close to the firm said that it is "not likely to be revived in the immediate future" (SKY NEWS, 9/19).