Ecclestone to sell company stake
Formula One supremo Bernie Ecclestone is reported to be selling half his company to a private investor for around £1.5 billion.
Yesterday, newspaper Sunday Business claimed Ecclestone has been approached by several interested parties after he announced plans in May to float his company, Formula One Administration on the stock exchange in two years.
However, reports claim the Englishman has been approached by numerous investors since the announcement.
A prospective purchaser of Ecclestone's shares is rumoured to have been calling on City companies to get their support for the deal.
Deutsche Bank, Morgan Stanley and KKR are all said to have been approached.
Whoever buys the 50 per cent stake in Ecclestone's company will have a major influence in the sport.
Ecclestone sits on the FIA world council alongside President Max Mosley, and has the commercial broadcasting rights to each grand prix on the calendar.
He is believed to be selling up in order to spend more time with his wife Slavica, and two children, Tamara, 15, and Petra, 10, after recently undergoing heart surgery.
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