Ross nearing the $8.5bn F1 deal

The sale of Formula One, to a US-Qatari consortium for $8.5bn is in its final stages.

Stephen Ross, 75 year old owner of the Miami Dolphins American football team is heading the consortium, and CVC the private equity group which owns 35.5 per cent of F1, negotiations have concluded.

Bernie Ecclestone F1’s 84 year old supremo who wanted to sell his 5 per cent holdings alongwith CVC’s shares, said he met ross in London last week ahead of the Miami Dolphins game at Wembley stadium against the New York Jets.

If Mr Ross’s bid is successful, F1 would be controlled by his company RSE Ventures including the other investors, Qatar Sports Investments, the owners of the Paris Saint-Germain football club, Constantin Medien the German media group and an unnamed  Chinese investor.

Ross has visions to expand the F1 sports in the US and China and make it more profitable.