Formula 1’s principal shareholder, CVC Capital Partners, has announced a further $500 million of its stake in the sport has been sold, almost a month after it announced the sale of a 21% share in its stake had been sold to a trio of investors.
The announcement came just a fortnight after Bernie Ecclestone’s confirmation that the sport’s planned Singapore Stock Exchange floatation would be postponed until later this year given the current instability in the worldwide stock markets.
The latest $500 million has been made to the same investment trio – Waddell & Reed, Norges Bank and BlackRock – who now hold 21% of the sport’s shareholding between them.
“VC Capital Partners is pleased to announce that several funds managed by Waddell & Reed Investment Management Company and Ivy Investment Management Company have today agreed to invest a further $500m in a private placement in Formula 1 at $9.1bn enterprise value, increasing their aggregate stake to 20.9 per cent,” the statement from CVC reads.
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