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Last Updated: Tuesday, 6 December 2005, 20:46 GMT
F1's new owners extend their grip
Fernando Alonso in action at the Malaysian Grand Prix
Formula One Group's new majority owners have strengthened their grip on the sport by raising their stake in the controlling company to 86%.

The Alpha Prema business, set up by private equity firm CVC Capital Partners and Bernie Ecclestone, has done so by buying out bank JP Morgan.

It now leaves only one other remaining shareholder, fellow US bank Lehman.

Mr Ecclestone remains chief executive of the Formula One Group, with an unspecified stake.

The 75-year-old has made a fortune from exploiting the rights to the sport.

Yet the sport is still facing an uncertain future, with carmakers threatening to break away and set up a rival championship in 2008 unless significant changes are made to the way the sport is run.




SEE ALSO:
Ecclestone to sell interest in F1
25 Nov 05 |  Business
F1 dispute settled out-of-court
23 Mar 05 |  Business
Judge slams Ecclestone's F1 power
06 Dec 04 |  Business


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