CVC Capital Partners Group (CVC) and Formula One Administration (FOA) have announced that subsidiaries of Alpha Topco Limited (Alpha), the holding company for the Formula One Group, have reached agreement to acquire simultaneously Allsport Management S.A. (ASM), and the business undertaken by the Allsopp Parker & Marsh group of companies (APM). Completion of both the APM and ASM transactions is conditional on receipt of anti-trust approvals.

APM markets and sells advertising and sponsorship packages globally in respect of the FIA Formula One World Championship and ASM is the principal provider of VIP hospitality at Formula One events.

Following completion of the transactions, Paddy McNally will join the Board of Alpha, advise APM and continue as Chief Executive of Allsport Management.

Mr McNally commented: "With Allsport Management and the Formula One Group working together, we can further improve the offering to our clients worldwide. I am looking forward to working closely with Mr Ecclestone and the Board of Alpha to achieve this objective".

Bernie Ecclestone, CEO of the Formula One Group, commented: "APM and Allsport Management have been developed into highly successful businesses over the last 25 years, and we are delighted that each of them will now form part of the Formula One Group".