As the tenth anniversary (28th March) of CVC's controversial purchase of a controlling stake in Formula One fast approaches, Bernie Ecclestone claims that he has two potential buyers for the private equity giant's remaining 34.6%.
Since first buying into F1 in 2006, when it paid just £1.2bn for its majority stake, the British company has sold off around half of its original holding to American asset management giant Waddell & Reed, another American investment management corporation BlackRock and Norges Bank.
Whilst holding its stake in F1 for far longer than it usually holds on to an investment, CVC has enjoyed the benefits of what is widely seen as one of the most successful private equity deals ever. The company having already reaped (that's reaped) around £3.5bn on its initial investment, it is claimed its remaining 34.6% holding is worth as much as £6bn.
Having already halved its initial stake, talk of CVC selling the remainder of its holding has been in the air for some time. In 2012 the Formula One Group planned an offering on the Singapore Stock Exchange, at which time the company was valued at $10bn. However, the float was put on the back burner due to concerns at the global market.
CVC subsequently sold around half its stake to Waddell & Reed, BlackRock and Norges Bank, and whilst talk of a float resurfaced in 2013 nothing more was heard.
Subsequent discussions with John Malone's Liberty Global and broadcaster Discovery proved fruitless, whilst a deal with a consortium led by Miami Dolphins owner Stephen Ross' RSE Ventures, China Media Capital and Qatar's sovereign wealth fund were said to be heading in the right direction but failed to meet CVC's (£6bn) valuation.
Now, Ecclestone claims he has the potential buyers but it all depends on agreeing a price.
"There are people who want to buy," he told the Mail on Sunday. "Actually, two of the people have agreed the price. It's just a question of whether CVC wants to sell or not. I think CVC will make a decision on the sale sooner or later."
Curiously, talk of the potential buy-out comes at a time when the value of the stake must surely be falling.
Following complaints from two teams the European Commission looks likely to investigate the governance of the sport and in particular how the prize money is divided.
Unhappy with the direction the sport is heading in, the drivers' union - the Grand Prix Drivers' Association - has publicly called on the sport's powers-that-be for an overhaul of its governance and rule making processes.
As those same powers-that-be dither over the rules, including qualifying for this year, there is increasing doubt as to whether agreement will be reached in time for a radical overhaul of the rules in time for next season.
Furthermore, as the sport, continues to lose fans and sponsors, mostly due to the predictability of the 'racing' and the endless tinkering with the rules, the move away from free-to-air TV coverage is likely to further impact the sport's fan base.
Indeed, whilst Ecclestone claims there are two potential buyers for CVC's stake, and the investment giant seems determined to stick to its guns in demanding £6bn, one cannot help but feel that all the negativity surrounding the sport at present - from within and without - must be seriously impacting its true value.
Then again, maybe that's the point.
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