19/07/2006
NEWS STORY
Formula One owner, CVC Capital Partners, has sold its stake in MotoGP promoter Dorna, thereby complying with the demands of the European Commission following the investment company's purchase of F1 earlier this year.
The European private equity firm Bridgepoint has now replaced CVC as the principal shareholder in Dorna.
In a statement issued by Dorna, its chief executive Carmelo Ezpeleta, said: "I am delighted to have Bridgepoint as a partner for the next phase in the development of Dorna and I am sure that they will make a significant contribution to the growth of the business."
Bridgepoint, which was in competition with a number of other private equity interests, including, Permira, PAI, Advent, Apax and Lion Capital, is thought to have paid around £344m for the shareholding, which CVC purchased for £45m in 1998.