CVC sells more stake in Formula 1

CVC has sold a further $500 million stake in Formula 1 almost a month after announcing a 21 per cent sale to a trio of investors for a total investment of $1.6 billion.

The sale also comes just 16 days after Bernie Ecclestone confirmed in Canada that the planned flotation on the Singapore Stock Exchange would be postponed in the wake of ongoing market unrest.

Waddell & Reed and its associates, who along with Norges Bank and BlackRock made the initial investment on 22 May, have now spent a further $500 million, taking its share to almost 21 per cent.

A CVC statement read: "CVC Capital Partners is pleased to announce that several funds managed by Waddell & Reed Investment Management Company and Ivy Investment Management Company have today agreed to invest a further $500m in a private placement in Formula 1 at $9.1bn enterprise value, increasing their aggregate stake to 20.9 per cent."