Large stake in F1 changes hands

Formula One's majority shareholders CVC Capital Partners have sold a 21 per cent stake in the sport, understood to be worth £1billion.

A view of the breathtaking night circuit.

A trio of investment companies - BlackRock, Waddell & Reed and Norges Bank Investment Management - have acquired just over a fifth of the business ahead of a planned share flotation.

Confirming the purchase, which sees CVC's stake in F1 reduced from 63 per cent to 42 per cent, managing partner Donald Mackenzie said: "This is great news for Formula One and an important step in its development.

"CVC became the controlling shareholder of Formula One in 2006. Since that date we have supported the company and its management as they have grown the company with great success.

"The addition of these three highly regarded investors to our share register is validation of this success, and we look forward to working with our new partners over the coming years."

The sale is understood to have occurred four months ago but CVC kept silent on the deal as they gear up for the flotation.

An initial public offering is likely to occur on the Singapore Stock Exchange, potentially next month, which would value F1 overall at around £5billion.

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