Formula one has a group of new minority shareholders, according to the Financial Times.

Formula one has a group of new minority shareholders, according to the Financial Times.

The business newspaper said Sir Martin Sorrell, founder of the communications services group WPP, and Peter Brabeck, chairman of the food company Nestle, both took shares in the sport's holding company Delta Topco.

Their shares were bought for a nominal price but are reportedly worth $6m each, with the move "part of a tactic by CVC to offer long-term incentives to directors", the newspaper claimed.

More F1 directors, including lawyer Sacha Woodward-Hill, accountant Duncan Llowarch, and trackside advertising chief Patrick McNally, now each hold 1 per cent, with the result that majority owner CVC's stake reduces from 70 per cent to 63.4 per cent.

F1 chief executive Bernie Ecclestone's 8.5 per cent stake is worth some $100m, the Financial Times said.

15.3 per cent shareholder Lehman Brothers declared bankruptcy protection late last year, meaning the F1 board can now demand the sale of its shares.

"In reality we are the only buyer," said CVC's UK managing director Nick Clarry. "We have made an offer to buy Lehman's shares in the past and may do so again."

 

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