CVC buyout given go-ahead…
March 21st, 2006
Investment firm CVC has been given clearance by EU competition authorities to complete their purchase of F1 shares, and form a new company along with Bernie Ecclestone’s Bambino Holdings and German bank Bayerische Landesbank to control F1’s commercial rights.
However as part of the clearance CVC must sell the company that owns the rights to MotoGP - Dorna.
It was felt that CVC would have undue influence otherwise - particularly in regard to TV rights - would be in a position to force the less popular sport on TV stations if they wanted the rights to whichever was more popular in their region.
The success of the sale brings closer to an end the threat of a breakaway championship as reportedly the GPMA teams are close to agreement with CVC for a commercial deal.
autosport.com link
Entry Filed under: Formula 1
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