[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 28 March 2006, 11:02 GMT 12:02 UK
F1 boss sells commercial rights
Fernando Alonso in action at the Malaysian Grand Prix
The rights' sale comes as the sport faces an uncertain future
Private equity group CVC Capital Partners has completed its takeover of Formula One's commercial rights.

CVC's Donald Mackenzie said the company was now looking forward to working with F1 boss Bernie Ecclestone "to further develop and grow the business".

The European Commission gave the green light to the deal last week, saying it would not significantly impede effective competition.

CVC will run F1 through new subsidiary Alpha Prema UK.

Uncertain future

Brussels approval of the deal was conditional on CVC selling Spanish subsidiary Dorna.

CVC plans to keep Ecclestone as chief executive.

The 75-year-old has made a fortune from exploiting the rights to F1.

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

Mr Ecclestone and German bank BayernLB are selling their stakes to CVC Capital Partners for an undisclosed price, giving CVC majority control over the motor racing company.

CVC currently owns 38 firms in Europe and is also the majority shareholder of the Automobile Association (AA) in the UK.




SEE ALSO:
F1 rebels sign up for 2008 series
27 Mar 06 |  Formula One
Formula One takeover backed by EU
21 Mar 06 |  Business
F1's new owners extend their grip
06 Dec 05 |  Business
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


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific