BERNIE ECCLESTONE says he has found a buyer for stricken Formula One.Ecclestone, who runs the sport for holding company CVC, says he has agreed a deal for their 35 percent stake in the sport.The deal, expected to be worth £6bn, is being kept under wraps with Ecclestone not naming the interested party.
Bernie Ecclestone set to sell Formula One as he agrees £6billion deal
The 85-year-old has run the sport for 40 years and says it is now up to CVC to decide if they sell it.
He said: “I think CVC will make a decision on the sale sooner or later.
“There are people who want to buy. Actually, two of the people have agreed the price. It’s just a question of whether CVC wants to sell or not.”
CVC purchased the sport exactly ten years ago for £1.2bn and already have sold off around half of its original holding to American asset management and investment companies.
If a new buyer is successful, then it remains to be seen if Ecclestone will stay in control to run it on a day-to-day basis.
The controversial tycoon recently criticised the sport for being “the worst it has ever been” while last week he agreed with F1 drivers who blasted the way it was being managed.
When quizzed about how F1 could be different in the future, Ecclestone said: “You don’t know what’s going to happen until somebody buys and you see what they are like.
“How do you know if you will get on with them?”
Bernie Ecclestone recently said he believes the sport of Formula One is ‘a huge mess’
Bernie Ecclestone recently said he believes the sport of Formula One is ‘a huge mess’ AP:Associated Press
Ecclestone has also hinted that this year could be the last for the Italian GP after the circuit at Monza struggled to meet the growing costs of staging the race.
He added: “Monza has got a contract for this year so it is going to go ahead. Next year is the question mark.
“I don’t think we have to have an Italian Grand Prix. Somebody once told me a funny thing that you couldn’t have Formula 1 without a race in France. But we do.”
Meanwhile, team bosses will find out on Tuesday whether the controversial 90-second elimination qualifying format will remain in place for this weekend’s Bahrain GP.
The new system was heavily criticised in Melbourne after it turned Saturday’s session into a farce.
Drivers, including world champion Lewis Hamilton, were outspoken about the changes in the rules.
However, FIA race director, Charlie Whiting, has repeated his claims that the drivers should have spoken out beforehand if they felt it was a problem.
He said: “The drivers have got many, many chances to talk about the rules with us. I honestly don’t see how they could have much more.
“Even at Formula One Commission level, there’s nothing to stop a driver asking their team principal to put their point across because all the teams are on that commission.”