Formula One Owners CVC To Sell 'A Large Part' Of Controlling Stake In Sport

F1 owners CVC Capital Partners "are to sell a large part" of their controlling 35.5% stake in the sport as they "face up to life after" CEO Bernie Ecclestone, according to Paul Weaver of the London GUARDIAN. The new investors will “have a view on the value of the sport,” according to an insider. Decision makers at CVC have decided that Ecclestone "must go even if he wins his court case in Munich, where he is fighting bribery charges." They are convinced that Ecclestone, who will be 84 in October, "will continue to be an embarrassment, with HM Revenue and Customs likely to ask further questions about his complex tax affairs, which formed the basis of a Panorama investigation." The identity of Ecclestone’s successor "is unknown," but reports that it could be Red Bull Team Principal Christian Horner "are wide of the mark." It is felt that he "does not have the corporate background that is required for the job" (GUARDIAN, 7/3).