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CVC sells further $500 million F1 stake
CVC has sold a further $500 million stake in Formula 1, almost a month after announcing a 21 per cent sale to a trio of investors for a total investment of $1.6 billion. The sale also comes just 16 days after Bernie Ecclestone confirmed in Canada that the planned flotation on the Singapore Stock Exchange would be postponed in the wake of ongoing market unrest. Waddell & Reed and its associates, who along with Norges Bank and BlackRock made the initial investment on 22 May, have now spent a further $500 million, taking its share to almost 21 per cent. A CVC statement read: "CVC Capital Partners is pleased to announce that several funds managed by Waddell & Reed Investment Management...
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