Deals
Formula 1’s Smaller Teams Struggle as CVC Targets $7 Billion
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Formula One co-owner CVC Capital Partners Ltd. is rankling smaller teams as the buyout firm cashes in on its investment in the auto racing series.
CVC began selling its 63.4 percent stake last year after setting new terms with Red Bull, Ferrari and McLaren. Those teams, the three most successful over the last 15 years, share in $180 million of signing-on payments and each get a seat on the board of the series, according to a prospectus for an initial public offering that was suspended in June because of market conditions.