CVC confirms EXOR has friendly approach but insists Formula 1 not for sale
Formula 1 owners, CVC Capital Partners Ltd., have confirmed that the Italian company, EXOR, has contacted them for a possible buyout of Formula 1. The official statement from CVC Ltd. confirms that the talks were rather friendly and that Formula 1 is not
for sale.
The current owner’s of Formula 1 publicised a statement which reads as, “CVC can confirm that it has recently received an approach from the EXOR News Corporation consortium. James Murdoch has informed us that the approach is friendly, at a very preliminary
stage.” It further said that the Formula 1 is CVC’s property and is currently not for sale.
“CVC recognises the quality of EXOR and News Corporation as potential investors, but any investment in Formula 1 will require CVC's agreement and will need to demonstrate that it is in the interest of the sport and its stakeholders, taken as a whole,” concluded
the statement.
Italian based company EXOR, run by John Elkann, and a media group stated that they are interested in the Formula 1 buyout and an attempt by Formula 1 supremo, Bernie Ecclestone, to deny the buyout news was a deluded effort.
EXOR’s interest is directly linked to the fact that the company owner, Elkann, is also the CEO of the FIAT Company. FIAT being the mother company of Ferrari Motorsports. Along with that, the Agnelli family has shares in EXOR and in FIAT.
Previously, Bernie denied the buyout reports and said that the company and the news corporation are just trying to make money out of the whole media conspiracy. The news about the Formula 1 buyout is almost three weeks old and started as a rumour. James
Murdoch stated that his company is looking into Formula 1 buyout. After almost three weeks the rumours are converted into a proper proposal by both James and CVC.
The season continues in Turkey on the 8th of May and the off-track talks about Formula 1 future will continue long into the season. Most people do not expect Formula 1 to change hands too soon..
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