£ 5bn ($8bn)  bid for F1

RSE ventures supremo Stephen Ross, the US sports entrepreneur, real estate developer and Philanthropist, wants to buy 35.5 per cent of the holding company that owns F1 from Europe’s largest buy-out group, CVC Capital partners. CVC has controlled F1 for the last 10 years, It is being backed by Qatar Sports Investments, which also owns Paris St Germain football club.

Any deal would involve  84 year old Bernie Ecclestone, F1 chief executive, who has roughly 5 percent shares, will be selling his shares. Qatar sports wants to ultimately buy  the entire F1. Even if he does sell his shareholding, according to a source, RSE was keen to retain Mr Ecclestone, as they believe he brings a lot to the sport and can help to expand it into the US and China. The formal bid is only a weeks away.  Sir Jackie Stewart, the former F1 world champion and team owner said: ” Motor racing without Bernie would be different  and that is something  I would not want”. “He is part and parcel of it and I do not think he could let go his involvement, even under new management”.