Ecclestone Sells Part of Formula One Stake to CVC

Bernie Ecclestone, who runs Formula One, sold part of his stake in the car-racing series to buyout firm CVC Capital Partners Ltd. amid a threat by auto companies to set up their own competition.

CVC also acquired the 48 percent stake held by Bayerische Landesbank, Ecclestone, 75, said in an interview today. The U.K. billionaire, who used to control 25 percent, will remain chief executive of Formula One, the world's most watched motor sport with 150 million viewers per race. Financial terms weren't disclosed.