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, Associate Editor Colorado based company Liberty Media has confirmed it will undertake a buyout of Formula One from current majority stakeholders CVC Capital Partners, who have owned the majority stake in F1 for a decade. Liberty has already purchased a stake of 18.7% for $746 million. The plan calls for them to purchase the rest of CVC’s shares, at which point the company will be aptly renamed from the Liberty Media Group to the Formula One Group. Despite some changes behind the scenes, few immediate changes will happen.Read More
By Adam Tate, Managing Editor Bernie Ecclestone has revealed that there are at least two potential buyers interested in taking over CVC capital partner’s 35% stake in F1 and that a sale price has been agreed to. All that remains is for CVC to decide whether or not they are finished bleeding Formula One dry and agree to sell. Miami Dolphin’s owner Stephen Ross has built a consortium with Qatar Sports Development and they are reportedly open to a seven to eight billion dollar bid. Their main competition seems to beRead More