The words “boring” and Formula One have often been used in tandem this season given Mercedes’ domination — but this is a sport that could be a sold for a very non-boring price of $8 billion.
Miami Dolphins owner Stephen Ross is working with Qatari investors to purchase a stake in the world’s most famous motorsport competition, The Financial Times and Reuters news agency have reported, citing sources familiar with the matter.
Ross’ RSE Ventures and Qatar Sports Investments, which owns French football club Paris Saint-Germain, reportedly want to purchase CVC Capital Partners’ 35.5% stake in the holding company which owns F1.
RSE told CNN it would not be commenting on the matter, while QSI and CVC were not immediately available for comment when contacted by CNN.
Formula One tycoon Bernie Ecclestone, who will turn 85 this year, and has a 5% share in F1, was quoted by the FT as saying: “My shares will be sold together with theirs.”
Still Ecclestone will likely stay involved with Formula One, a person close to the talks told FT.
“They believe he brings a lot to the sport and they can help expand it into the US and Chinese markets,” the source said.
Ecclestone did not respond to CNN’s request for comment, but the octogenarian was also quoted in Britain’s Times newspaper claiming that three or four potential bidders had emerged.
“I have no idea whether any of these people have got closer with this, but CVC are in the business of buying and selling companies,” he said.
“The point is that they are very happy with F1 and Donald is not an enthusiastic seller,” added Ecclestone, referring to CVC cofounder Donald McKenzie.
“But their business is selling and everything has a price.”
Only last year, CVC held talks with Liberty Global and Discovery Communications but failed to reach a deal.
CVC has presided over the sport for nearly a decade, but has gradually decreased its stake.
In 2012 it sold $1.6 billion of shares to BlackRock, Norges Bank and Waddell & Reed.
Formula One has endured a difficult time of late with increasing costs, cash-strapped teams and a reduction of viewing figures leaving it struggling to compete.
Ross, a 75-year-old property billionaire, has also been linked with opening a Major League Soccer franchise in Miami along with former England captain David Beckham.
World champion Lewis Hamilton leads the drivers’ championship with 169 points, with Mercedes teammate Nico Rosberg 10 points behind, while Ferrari’s Sebastian Vettel is third on 120 points.
