F1 CEO Bernie Ecclestone has revealed that "he doubts fashion industry tycoon Lawrence Stroll" will make a $1.5B "investment in Formula One as has been suggested," according to Christian Sylt for FORBES.
F1 "is controlled by the private equity firm CVC Capital which owns 35% of its parent company Delta Topco." The third-biggest shareholder behind CVC and Kansas-based asset management firm Waddell & Reed "is the estate of collapsed investment bank Lehman Brothers." It owns 12.3% of Delta Topco and according to a recent report, Stroll "was considering taking over all or part of the stake." Stroll "helped to develop the Tommy Hilfiger clothing brand but much of his wealth comes from the American fashion house Michael Kors which he took public in 2011." He is a "motor racing fanatic" and his 15-year-old son Lance "drives in the junior series Formula 4 as a member of Ferrari’s Driver Academy." It fuelled further rumors about him investing in F1, but Ecclestone "has put brakes on them." He said, "Nobody knows if Lawrence is buying into F1. Everybody talks. A deal has definitely not been done. I doubt that he will buy F1" (FORBES, 6/1).
