Chinese group lead F1 bid

Reports have emerged today that a group of Chinese investors are in pole position to purchase the controlling stake in the Formula One Group as the sport nears a high-profile sale.

The China Media Capital (CMC) group, comprised of a number of firms, is believed to be planning a £5.5bn ($8.5bn) buy-out of CVC’s majority share of the sport, according to Sky News.

The news follows Bernie Ecclestone’s recent statement that he expects F1 to be sold to new owners by the end of the calendar year.

The CMC bid is believed to be led by Stephen Ross, owner of the Miami Dolphins American Football team. It is understood that his consortium will approach CVC Capital Partners to require a 90-day period of exclusivity during which its bid will be subject to due diligence and commercial review by Bernie Ecclestone.

Sky News reports that the CMC group still requires around $2bn in additional equity, should its bid be successful.

No date has placed on when CVC are planning to sell by, and CMC have not yet provided comment on their anticipated bid.

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