Sky increases shareholding in Team Sky

Sky increases shareholding in Team Sky

Sky plc ("Sky") has today increased its shareholding in Tour Racing Limited ("Team Sky"), the company which operates the Sky Pro Cycling Team, as a consequence of the transfer to Sky of a 25% shareholding from 21st Century Fox ("21CF"). Following the transaction, Sky will own 85% of Team Sky with 21CF retaining a 15% stake. 21CF is a related party of Sky for the purposes of the UKLA Listing Rules ("LRs").

Prior to their acquisition by Sky in November last year, 21CF owned Sky Italia and a majority interest in Sky Deutschland. The adjustment in ownership structure of Team Sky reflects the fact that the three Sky businesses are now part of a single company.

Sky has purchased the shareholding from 21CF at the par value of the shares (£25). 

The transaction is a smaller related party transaction under LR 11.1.10R.

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