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SBD Global/July 7, 2014/Finance

F1 CEO Bernie Ecclestone Says He Is Considering Buying F1 From CVC Capital

F1 CEO Bernie Ecclestone said that he has "held talks that could see him buy back" F1, according to the London EXPRESS. Ecclestone, who "built F1 into the global brand it is today before selling to equity company CVC but now, despite an ongoing German court case" in relation to alleged bribery, is "keen to set up a bid to take back the sport." As well as confirming he has held "tentative discussions" with CVC co-Chair Donald Mackenzie, Ecclestone insisted that he would "continue to run the sport even if a different company came on board." Ecclestone: "I have spoken to Donald Mackenzie and I am looking at it. It is possible, although one or two other companies are interested and I would not enter an auction. Age does not make it impossible. I feel no different to how I did 40 years ago. I have a contract with the company, not the shareholders. I have seen some rubbish about being pushed out but there is no one lined up to take over." Known for "making multi-million pound decisions on a handshake," Ecclestone admitted he would "like to go back to his way of business if he were to buy back his stake and feels there is still money to be made from the sport." He added, "You can make money from it, so it would not be a problem for me to find financial backers. I run it now, but it wouldn't make any difference. It just means I would have to buy the shares. I think the company is a good solid business and a good investment" (EXPRESS, 7/5).
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