Buyout Tag

By Adam Tate, Associate Editor A day after Liberty Media’s shareholders approved the plan to purchase the remaining shares of Formula One from CVC Capital Partners, the World Motor Sport Council and the FIA have approved the sale in full during their meeting today in Geneva. Liberty Media representatives held a special presentation on their plans for F1 with the WMSC representatives and participated in a Q&A session before the deal was unanimously approved. The FIA released the following statement on the historic deal. “The World Motor Sport Council has unanimouslyRead More

By Adam Tate, Associate Editor If reports from the Telegraph and others are to be believed, longtime McLaren Group Chairman and CEO Ron Dennis will vacate his role at the helm of the Woking-based firm when his contract runs out at the end of the year. The impetus for such a huge change is the result of an unsuccessful bid by Dennis to buyout his business partners. Dennis currently owns 25% of the company as does his long time business partner Mansour Ojjeh. The remaining 50% is owned by the Bahraini sovereignRead More

Formula One weaves a tangled web – as per multiple reports, the much rumored buyout of Lotus F1 Team by Renault is set to commence. Renault group CEO Carlos Ghosn and his board have signed off on a deal that now only needs the approval of Lotus to be set in motion. The plan will have the French automotive giant acquire a 65 percent stake in the F1 team that just seven years ago was 100 percent under their control. Gerard Lopez will remain in the picture with a largeRead More