Chinese investors back takeover bid for F1: Report
London, Oct 17 (IANS) Eleven years after China became a stop in the Formula One motor racing calendar, the country now wants to become the racing championship’s owner, a media report said.
According to a Sky News report on Friday, China Media Capital (CMC) is leading a group of Chinese firms to back a $8.5 dollar takeover bid for the sport. The group of Chinese media investors are willing to invest roughly $1.5 billion in the offer being assembled by Stephen Ross, owner of the Miami Dolphins, a professional American football team, reported Xinhua citing Sky News.
The proposed takeover of F1, which remains far from certain to take place, still requires roughly $2 billion in additional equity from other investors. The takeover proposal from the consortium which involves CMC comes at a difficult time for F1, with a number of teams succumbing to or facing financial difficulties and lingering concerns about the quality of the sporting spectacle.
One uncertainty facing the sport is the outcome of a complaint submitted recently by two of the smaller teams – Force India and Sauber – to the European Commission about the way prize money is distributed.
Dean Elgar Eyes South African Test Captaincy
South Africa Test opener Dean Elgar has thrown his hat in the ring to lead the team in the red-ball format. The southpaw believes that the experience under his belt will help him to make a strong contender for the role. It’s been over three…
Is Sarfaraz Ahmed In For England’s tour? Misbah-ul-Haq Reveals
The former Pakistan captain Sarfaraz Ahmed has been out of Pakistan’s scheme for past months. PCB dropped him from the team, giving the reason to provide him rest. However, as PCB has agreed to tour England to play the Test and limited-overs series, Sarfaraz’s comeback…