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Tuesday, 28 March 2006 |
CVC Capital Partners takes over Formula One
The private equity group CVC Capital Partners has finished its takeover of Formula One's commercial rights.
Donald Mackenzie of the group said they are now looking forward to
working with Formula One boss Bernie Ecclestone "to further develop and
grow the business", and plans to keep him as chief executive.
The European Commission gave the go ahead to the deal last week, saying
it would not significantly hold back effective competition.
CVC will be running Formula One through new subsidiary company Alpha Prema UK.
The Brussels approval of the deal was conditional on CVC selling Spanish subsidiary Dorna.
Bernie Ecclestone has made a fortune from exploiting the rights to Formula One.
However, the future of the sport is still uncertain, with carmakers
that threaten to break away and set up a rival championship in 2008
unless big changes are made to its running methods.
Bernie Ecclestone and German bank BayernLB are selling their stakes to
CVC Capital Partners for a price that hasn't been revealed, which gives
CVC a majority control over the motor racing company.
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Last Updated ( Monday, 03 April 2006 )
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Motor Sports 
