F1 Owner CVC Capital Plans $2B-Plus Takeover Bid For IMG Worldwide
The part-owner of F1 is plotting a $2B-plus "takeover bid for IMG Worldwide," according to Mark Kleinman of SKY NEWS. CVC Capital Partners, the London-based private equity group, "is working on a blockbuster bid for IMG, which has been put up for sale in recent weeks." A person familiar with the plans said, "CVC is taking this incredibly seriously. They have done a huge amount of work on this and see themselves as a natural owner of a business like IMG." CVC "would be a logical buyer of IMG." Since gaining control of F1's shares in '05, "it has grown the sport's profits significantly, to the degree that it has been planning a stock market listing" that could value F1 at $12B. It also previously owned Dorna Sports, the organization behind the MotoGP, and "bought All Sport Management, the company which has the rights to advertise at F1 circuits around the world." CVC "will face tough competition to secure control of IMG, which is arguably the most coveted sports rights asset to come up for sale for several years" (SKY NEWS, 6/1).