Ecclestone clinches deal
Bernie Ecclestone has reportedly clinched a multi-million pound deal to sell 37.5 per cent of his Formula 1 business to an American private-equity firm
According to The Sunday Times, the F1 ringmaster's family trust completed the sale to Hellman & Friedman on Wednesday.
Differing press reports claim the figure is between £445m and £625m.
The deal came two days after Morgan Grenfell Private Equity, the investment arm of Deutsche Bank, announced it would not take up an option to buy the stake itself.
Morgan Grenfell bought 12.5 per cent of Slec, the Ecclestone Formula 1 holding company, last October for £234m but failed to organise a group of investors to take up a further 37.5 per cent
Despite Morgan Grenfell being given an extension to its deadline it was unable to finalise the deal, leaving the way clear for Hellman & Friedmann.
The sale values Slec at £1.7bn and leaves the Ecclestone trust with 50 per cent of the equity.
San Francisco-based Hellman & Friedmann is expected to appoint two new directors to Slec's board.
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