US and Qatari partnership looking to purchase F1 stake

A partnership of US and Qatari investors is looking to purchase a stake in the Formula One holding company from current holder CVC.

It is reported by the Financial Times that Miami Dolphins American Football Team owner Stephen Ross and his RSE Ventures company, along with Qatar Sports Investments who also own the Paris St Germain soccer (football) team.

The sale is said to be worth $8b for a 35.5% stake, although there are claims that a figure of $10b had been rumoured a while ago. No deal is yet on the table and the consortium are working through due diligence, with the bid at an advanced stage.

Qatar has been looking to get into Formula One for a number of years. Williams built a research centre there in a bid to get funding from the National Qatari Bank, although that fell through and the team failed to get the services of Kimi Raikkonen who ended up at Lotus instead. They are also interested in hosting a Grand Prix, and owning part of the sport will put them in a better position to do so.

It will also help the sports fortune in America, with the desire to host more races in America on both the east and west coasts.

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