25/11/2005
NEWS STORY
The Grand Prix Manufacturers' Association has issued a brief statement in response to the news that Bernie Ecclestone and BayernLB have sold their shareholdings in F1 to CVC Capital Partners, in the guise of a new company, Alpha Prema.
"Today's statement by CVC Capital Partners, BayernLB and Bambino Holdings, confirming that Alpha Prema has reached agreement to acquire BayernLB's and Bambino's interests in Formula One Group, has been received with interest.
"We look forward to entering into a constructive dialogue with Alpha Prema as we pursue our objective to further develop the sport for the benefit of all stakeholders and in particular the fans. Meanwhile, the GPMA and its operating partner iSe will continue the preparations for the New Series."
Ecclestone, who along with Bambino - the Ecclestone family trust - has a shareholding in Alpha Prema, will remain chief executive of the business.