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Formula One Closes In On $8.5B Sale To U.S.-Qatari Consortium

The sale of Formula 1 is "nearing the finishing line" as a U.S.-Qatari consortium "closes in on a deal" valuing the motor racing company at $8.5B, according to Moore & Massoudi of the FINANCIAL TIMES. NFL Miami Dolphins Owner Stephen Ross, who heads the consortium, and CVC, the private equity group that owns 35.5% of F1, have "shaken hands" on a possible deal, said two people close to the negotiations. One member of Ross's consortium said, "We are well along the way." Ross's group has "only recently begun its due diligence and still needs to raise further investment." One person with knowledge of the negotiations said, "They are doing due diligence now and everything could still fall apart." Ross said that he "hoped for a deal within 30 days." CVC and Ross's representatives "declined to comment." F1's minority investors, which include Waddell & Reed, Norges Bank Investment Management and BlackRock, "did not respond to requests for comment." F1 CEO Bernie Ecclestone said that he had met Ross, who "was in London last weekend ahead of the Miami Dolphins' game at Wembley Stadium." Ecclestone: "We did not talk about what you think. He had a non-disclosure agreement. So we talked about American football. I like him, he is one of us. He can help us and I would be happy to have him [as F1's owner]" (FT, 10/8).

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