Related’s Ross looking to buy into F1 racing
Deal for controlling stake in racing competition worth up to $8 billion
Related Cos. founder and chair Stephen Ross is teaming with a Qatari sovereign wealth fund to bid for a stake in Formula 1 racing, according to reports.
Ross’ RSE Ventures, with backing from Qatar Sports Investments, is planning a bid for CVC Capital Partners’ 35.5 percent controlling stake in the holding company that owns the popular sport. The deal could be worth up to $8 billion.
Negotiations are at an early stage, however, with a formal bid yet to be made. Ross’ group is one of a number of potential bidders, according to the BBC.
Ross owns the NFL’s Miami Dolphins and RSE Ventures has also held talks with David Beckham about bringing a Major League Soccer franchise to Miami. Qatar Sports Investments’ portfolio includes a majority stake in French soccer club Paris Saint-Germain.
CVC has been Formula 1’s biggest shareholder over the past decade, though the company has reduced its stake in the sport over the last few years. The firm has also discussed a sale with Discovery Communications and John Malone’s Liberty Media. [BBC] – Rey Mashayekhi