CVC denies plans to sell F1 rights

Speculation in recent weeks has suggested that the investment company may be looking to offload its shareholding in the sport in the near future.

And that suggestion increased this week when FIA president Max Mosley said that CVC had told him it would consider offloading its interest if a major fund, perhaps from an Arab coalition as has been rumoured, came forward.

Mosley revealed about CVC's future plans: "They tell me that they are in no hurry. They haven't got any plan to sell, and last time I spoke to them I said, what if a sovereign wealth fund came along with a huge amount of money? They said they would be tempted but they say they don't have any plans to sell it.

"They want to stabilise it. And I don't know this, but I suspect, that part of it will be where Bernie has been replaced. If someone wanted to buy it at the moment then the whole business depends on a man who is 78 years ago..."

That comment from Mosley prompted stories in the media suggesting that CVC was evaluating Ecclestone's future position - something that it denied strenuously in a short statement issued at the Hungaroring.

"We have no plans to sell our stake in Formula One," CVC's statement said. "We see our investment as long term and we are pleased with its performance to date.

"The Formula One Group continues to be led by Bernie Ecclestone. There are no plans to replace him and we are delighted with the results of the business under his management.

"The Formula One Group has an agreement in place for 2008-2012, which governs the division of income generated by the sport, by way of a prize fund."