Rumour Mill: Formula One to be sold for $8.5bn to US-Qatari consortium

Formula One is close to being sold to a US-Qatari consortium for $8.5bn.

The FT reports that private equity group CVC, which owns 35.5% of F1, has “shaken hands” with Stephen Ross, the head of the consortium and owner of American football club Miami Dolphins.

A member of Ross’s consortium told the paper: “We are well along the way.

“They are doing due diligence now and everything could still fall apart.”

A deal is expected to be finalised in 30 days.

F1 boss Bernie Ecclestone met Ross in London last weekend. However, Ecclestone later confirmed that the two tycoons didn’t discuss the deal.

Earlier this week, Ecclestone also said that he expects F1 to get a new owner by the end of the year.

The 84-year-old told the Camp Beckenbauer Global Summit in Austria: “There has been a lot of interest and I would say there are three parties at the moment, where I would be surprised if one of them did not buy them (the shares) shortly.”

 

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