Chinese investors back takeover bid for F1: Report

Eleven years after China became a stop in the Formula One motor racing calendar, the country now wants to become the racing championship's owner, a media report said.

Chinese investors back takeover bid for F1: Report

London: Eleven years after China became a stop in the Formula One motor racing calendar, the country now wants to become the racing championship's owner, a media report said.

According to a Sky News report on Friday, China Media Capital (CMC) is leading a group of Chinese firms to back a $8.5 dollar takeover bid for the sport.

The group of Chinese media investors are willing to invest roughly $1.5 billion in the offer being assembled by Stephen Ross, owner of the Miami Dolphins, a professional American football team, reported Xinhua citing Sky News.

The proposed takeover of F1, which remains far from certain to take place, still requires roughly $2 billion in additional equity from other investors.

The takeover proposal from the consortium which involves CMC comes at a difficult time for F1, with a number of teams succumbing to or facing financial difficulties and lingering concerns about the quality of the sporting spectacle.

One uncertainty facing the sport is the outcome of a complaint submitted recently by two of the smaller teams - Force India and Sauber - to the European Commission about the way prize money is distributed.

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close