CVC Capital Partners 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 Liberty Media has announced an agreement with third party investors to raise $1.55 billion dollars in order to move forward with their plan to purchase Formula One from CVC Capital Partners. They are raising the funds through newly issues shares of their stock with the price set at $25 per share. The official release from Liberty is strewn with legal jargon, but the basic gist is that the capital raised from selling the shares will ensure the initial deal they signed with CVC for a fullRead More

By Adam Tate, Managing Editor All 11 Formula One teams have come together and drafted a unanimous letter to FIA President Jean Todt, Bernie Ecclestone and CVC Capital Partners, demanding a return to the 2006-2015 qualifying format. The letter makes it clear that the teams want the disastrous elimination format dropped immediately and that any ideas of aggregate qualifying Ecclestone may have, are not wanted either. It is easily the strongest show of force from the teams on a single issue in some time and something that team bosses and driversRead More

By Adam Tate, Managing Editor Formula One drivers have finally had enough. On the heels of some of the sports biggest stars criticizing recent moves by Bernie Ecclestone and the FIA, the GPDA: Grand Prix Drivers Association, has released a statement bashing recent decisions which jeopardize the future of the sport, like the recent qualifying fiasco in last weekend’s season opening Australian Grand Prix. According to GPDA chairman, Alex Wurz, the drivers have considered speaking up for some time, and it seems now is finally the moment. It couldn’t have comeRead More