Formula One Deal Wins Approval

Private equity firm CVC has been given approval by the European Commission to acquire F1's commercial holding company SLEC on the condition that CVC sells its Spanish subsidiary Dorna, the promoter of the MotoGP series. The condition is due to a Commission Competition Directorate investigation, which concluded CVC would have too much market power if it kept control of both F1 and MotoGP.

Competition Commissioner Neelie Kroes said: "When the two most popular motor sports events in the EU, Formula One and Moto GP, come in the hands of one owner, there is a risk of price increases for the TV rights to these events and a reduction in consumer choice. I am satisfied that the commitments given by CVC will eliminate this risk."