CVC raises 320m with new F1 stake sale

Saturday 16th June 2012, 10:18 by Ryan Wood 

The sale retains F1's overall value at 5.8bn

Formula 1 majority owner, CVC Capital Partners, has sold another stake in the sport raising an additional £320 million ($500m) on top of last months £1 billion ($1.6bn) sale.

The latest deal sees original investor Waddell & Reed, a US-based investment fund, increase its original stake to almost 21 per cent after initially investing £700 million ($1.1bn) in 13% of the sport last month.

BlackRock and Norges Bank Investment Management also invested last month, sharing a 7% stake.

A statement from CVC confirmed the sale which reduces its holding to around 32%.

"CVC 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%."


mexican gp

Mexico signs five-year contract to host F1 race


Lotus already well into design of 2015 car


Ricciardo has no desire to race for Ferrari


Wolff injured in Mercedes team building bike crash

german gp

German GP organiser blames Vettel for poor turnout

mexican gp

Mexico will return in 2015 confirms Ecclestone