Stephen Ross and Qatari investors are currently working on buying a 35.5% stake in Formula 1. The bid would be for the stake of CVC Capital Partners the holding company that owns F1.
According to the newspaper The Financial Times and Reuters the deal could be worth up to $8bn. CVC said “we can’t comment at this time.”
RSE owned by property billionaire Ross has been also talking to former footballer David Beckham about bringing a Major League Soccer team to Miami. CVC has recent year has reduced their stake in the sport after F1 was close to floating on the Singapore stock market.
Reuters suggest that talks could be at an advanced stage saying investment banks have been brought into advise on a deal. The BBC sport’s Editor Dan Roan however said talks were at an early stage.
Reuters added RSE is likely to walk away “if it turned into an auction”.
Ecclestone told The Times newspaper that three or four potential bidders had emerged. He said “I have no idea whether any of these people have got closer with this, but CVC is in the business of buying and selling companies.”
Sources in Germany say marketing media group Constantin Medien, is also involved with the investment consortium.
Analysis Jack Fielding, Editor
The deal could majorly change the sport because CVC and Ecclestone were facing issues over the sale of the sport in 2006. Ecclestone was put on trial in Germany accused of paying a German banker Gerhard Gribkowsky ensure that a company he favored could buy a stake in F1. So the deal must be done cleanly.
Qatar has been interested in holding a Grand Prix at the Losail International Circuit in the past few years but this has proved difficult as Bahrain and Abu Dhabi have vetoed the plan.
Qatar is currently being investigated over corruption over there bid for 2022 World Cup by US and Swiss investigators. The accusations facing the country include bribery, money laundering and wire fraud involving more than $150 million.
However, Berine Ecclestone says he was not yet aware of a “deal on the table”. The FIA, the motorsport governing body has not yet received an application to approve the transaction.