Sky planning F1 takeover – report

Sky planning F1 takeover - report

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BSkyB is reportedly planning to place a £4.5 billion bid to gain a controlling stake in Formula 1.

According to the Sunday Times newspaper there are a number of parties looking to buy into the lucrative sport.

These include RSE Ventures owned by American Stephen Ross, Lawrence Stoll, a Canadian fashion mogul as well as BSkyB, with the backing of John Malone, a billionaire from the USA and owner the Liberty Global cable company. Ross, the owner of the Miami Dolphins, is receiving backing from Qatar Sports Investments.

It is thought that all parties are aiming to purchase the 35.5 per cent controlling stake owned by CVC Capital for £4.5billion.

These shares, although only just over a third of the controlling body, come with special voting rights which currently give CVC control of the sport.

Sky, who currently have broadcast rights in the UK until 2018, view coverage of Formula 1 as one of their most important products.

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Source by planetf1

Posted in F1