Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
Eleven years after China became a stop in the Formula One motor racing calendar, a group of Chinese investors from the country now eyes to back an $8.5bn (£5.5bn) takeover bid for the sport, UK’s Sky News revealed.
According to Sky, China Media Capital (CMC) is leading a group of Chinese firms who want to invest roughly $1.5bn (£970m) in an offer being assembled by Stephen Ross, owner of the Miami Dolphins American football team.
Sky revealed that Ross’s consortium is seeking a 90-day period of exclusivity from CVC Capital Partners, F1’S controlling shareholder, to hold detailed talks with Bernie Ecclestone, F1's chief executive, and to undertake due diligence.
In addition to the Chinese investment, the proposed takeover of F1 still requires roughly another $2bn (£1.3bn) in equity to take place, with the $4bn (£2.6bn) balance of the $8.5bn price tag consisting of debt.
CMC couldn’t be reached for comment, while CVC declined to comment.
Source: Sky Sports & NetEase
Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
Related coverage
Riding on the wave of President Xi’s visit, CMC to march into Europe?
22 Oct 2015
Why former PM of Spain calls on Chinese investors to connect with Spanish football?
19 Jun 2015
Chinese, USA consortiums near West Brom takeover
30 Apr 2015
Chinese Super League is earning more money
13 Jan 2015
Chinese online sports streamer set to complete RMB100m fundraising
30 Sep 2015
More from Yutang Sports
Birmingham is embracing a bright future supported by extraordinary sporting legacy
17 Apr 2024
Leading sports charity, Podium Analytics, announces Trusted Research Environment for Global Sport
11 Apr 2024
Birmingham Welcomes the World as SportAccord 2024 Kicks Off
08 Apr 2024
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
SPORTACCORD 2024 INSIGHTS: How Gaming is Changing our World
07 May 2024
Yutang Sports
loading...