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GP Week : Issue 22
Mosley enrages CVC FIA President Max Mosley has enraged F1 rights holders CVC by suggesting that the Capital Venture Partnership is on the verge of selling its stake in Formula 1. Mosley went on to claim that any such move could force his old ally Bernie Ecclestone out of the sport he has created. “If a sovereign wealth fund came along with a huge amount of money, then CVC would be tempted, but I suspect it would be getting to the stage where Bernie is replaced. If someone wanted to buy it, the whole business depends on a man who is 78 years old,”Mosley told The Times. “Eventually, I think we will agree a compromise where they [CVC] abandon a lot of control that they have over the sporting side and, in return, we [the FIA] will give them much greater freedom to sell the business to whomever they want.” CVC was quick to refute such claims, however, and in a press statement issued at the Hungarian Grand Prix were forthright in their confidence in Ecclestone and in their future participation in F1. “Following recent press speculation CVC is pleased to clarify a number of matters. We have no plans to sell our stake in Formula 1. We see our investment as long-term and we are pleased with its performance to-date. “The Formula One Group continues to be led by Bernie Ecclestone, there are no plans to replace him and we are delighted with the results of the business under his management. “The Formula One Group has an agreement in place for 2008-2012 which governs the division of income generated by the sport, by way of prize fund.” ADVERTISE in GPWEEK to access a HuGE global audience 10 For more details CLICK HERE Se