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Formula One to be sole to US media group

The well-sourced German repository Auto Motor und Sport pronounced that a sport’s maestro blurb ring-master Bernie Ecclestone had reliable a understanding during a Italian Grand Prix.

The repository reported that Ecclestone pronounced Liberty Media, corroborated by American media aristocrat John Malone, will make a initial of dual payments on Tuesday in a understanding valued during 8.5 billion dollars (7.6 billion euros, £6.5 billion).

If that goes through, according to well-informed paddock sources, stream owners CVC Capital Parners, who reason a 35 percent stake, will leave a sport. CVC Capital Parners, who invested in a competition in 2006, formerly sole a 21 percent share to US-based account manager Waddell Reed in 2012, while also offered shares to another American investment group, BlackRock, and Norwegian bank Norges.

Liberty Media Group, that is listed on a New York Stock Exchange, is approaching to take control of a association that will run Formula One.

Ecclestone, 85, pronounced his destiny with a business would sojourn in his hands. He told Auto Motor Und Sport: “I will do what we have always done. What purpose we play is my decision.”

Ecclestone, whose mother-in-law was kidnapped in Brazil recently, did not respond to questions about a sale when asked forward of Sunday’s competition during Monza.

Others who have looked during a understanding to buy a motorsport embody Qatar Sports Investments, a owners of Paris Saint-Germain football club, and Stephen Ross, a owners of American football group a Miami Dolphins.

The sport’s glamorous repute has been strike in new years by a miss of genuine sporting seductiveness due to a mastery of initial Red Bull and afterwards Mercedes, with tellurian observation total dipping as a consequence.

Article source: http://www.thelocal.it/20160905/formula-one-to-be-sold-to-us-media-group-this-week