Motor racing "is the one major blank spot in Qatar’s portfolio, with the
oil-rich country having made extensive investments, particularly in
football," according to Daniel Johnson of the London TELEGRAPH. It has "been trying for years to host a race but it has been
rejected" because Bahrain holds a veto on its place in the F1 calendar.
There "are also suggestions that Qatar has stepped up its interest" in
F1 after the ongoing corruption scandal at FIFA over the 2022
World Cup. NFL Miami Dolphins Owner Stephen Ross "is understood to be teaming up with Qatar Sports Investments" to buy out both CVC Capital Partners and F1 CEO Bernie Ecclestone. CVC is "eager to sell" but is "believed to hold a valuation" closer to $9B. The private equity firm currently owns 35.5% of the business, while Ecclestone "has a personal stake" of roughly 5%. CVC was in talks with Liberty Global and Discovery Communications last year but it "could not reach an agreement" for a 49% stake. The company behind this latest bid is RSE Ventures, owned by Ross. The potential bid "comes at an already uncertain time" for F1. While TV viewing figures have rallied in the U.K. and in Italy, "they are down across the board." At last weekend’s Austrian Grand Prix spectator numbers were roughly 40% lower than in '14. CVC has controlled F1 "for nearly a decade, but has gradually sold down its stake." It "has been a phenomenally successful investment for CVC, returning roughly five times what it spent" back in '05. Some "believe it is the most successful private equity deal in history" (TELEGRAPH, 6/23).
