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SBD Global/December 2, 2013/Finance

CVC Co-Chair Says Royal Bank of Scotland 'Careless' With $2.7B Loan To F1

The Royal Bank of Scotland was “extremely careless” when it lent $2.7B to F1 in '06, according to Christian Sylt of the London INDEPENDENT. Giving evidence last week during a trial surrounding CVC’s purchase of F1, CVC co-Chair Donald Mackenzie told the High Court that RBS and U.S. bank Lehman Brothers lent $2.7B "based on a valuation of the sport by the accountancy giant EY, which he described as 'ridiculous.'" Neither CVC nor Mackenzie "are parties to the case, which has been brought by German media-rights firm Constantin Medien." Mackenzie: “The banks, frankly, were extremely careless because, in their financing offerings to us, they said they wanted a signed Concorde but actually, when it came to completion, they didn’t have one. But nevertheless they went ahead” (INDEPENDENT, 11/29).
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