28th Jun 2015 08:37
LONDON (Alliance News) - Sky PLC and John Malone?s cable television firm Liberty Global are weighing offers for a GBP4.5 billion controlling stake in Formula One, putting them in competition with a Qatari-backed consortium for control of the motor racing series, the Sunday Times reported.
On Tuesday, the Financial Times had reported that the owner of American football team the Miami Dolphins is set to work with Qatar on a bid to take control of Formula One in a deal thought to be worth between USD7 billion and USD8 billion.
RSE Ventures, headed by US property and sports mogul Stephen Ross, is seeking to acquire the 35.5% stake of the holding company that owns Formula One from CVC Capital Partners, the private equity group. Its bid is understood to be backed by Qatar Sports Investments, the owner of Paris St-Germain football club, the FT said.
The deal also would see Bernie Ecclestone, the chief executive of Formula One, sell his holding of around 5%, the FT said. Sources told the FT that Qatar Sports is believed to be planning to buy all of Formula One in the future.
But the Sunday Times cited insiders saying the RSE-Qatari team is just one of several buyers in contact with CVC, the private equity firm that owns the F1 stake. In addition to Sky and Liberty, the Canadian fashion tycoon Lawrence Stroll, who helped to build the Tommy Hilfiger and Michael Kors brands, has also been linked with a bid, the Sunday Times said.
http://www.thesundaytimes.co.uk/sto/business/Companies/article1574247.ece
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