Qatar, RSE 'teaming up to buy stake in Formula One'

ByReuters

Published 23/06/2015 at 21:34 GMT

RSE Ventures is teaming up with Qatar to buy a 35.5 percent stake in the holding company that owns Formula One in a $7 billion-$8 billion deal (£4.5-5 billion), a source familiar with the matter told Reuters.

RSE Ventures is teaming up with Qatar to buy a 35.5 percent stake in the holding company that owns Formula One in a $7 billion-$8 billion deal.

Image credit: AFP

RSE, which owns U.S. football team Miami Dolphins, is looking to acquire the stake from buyout group CVC Capital Partners Ltd.

CVC owns a 35.5 percent stake in F1, which is headed by billionaire Bernie Ecclestone.

Dieter Hahn, chairman of the supervisory board of German sports marketing media group Constantin Medien is also involved with the investment consortium, the source said, although Reuters could not immediately verify what his precise involvement was.

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"The key to unlocking this deal is that under Bernie, F1 doesn't do much TV rights marketing. Hahn will help with that," the source said.

Goldman Sachs is working with CVC on the deal, while JP Morgan is working with the buyside investors.

CVC did not immediately respond to requests for comment. A spokesman for Dieter Hahn could not be reached for comment. JP Morgan and Goldman Sachs had no immediate comment.

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