The ten teams in Formula One auto racing are under a total debt of $318.2 million, and 64.2% of that belongs to Lotus. Lotus belongs to Genii Capital, a private equity firm founded by Skype investor Gerard Lopez. Creditors have been going after Lotus for the last several months. Its cars were almost impounded during the Belgian Grand Prix last weekend after former reserve driver Charles Pic filed a legal dispute.
FORMULA ONE
Breaking News
Formula One's commercial rights holders CVC Capital Partners are under no pressure to sell their controlling stake in the sport and want to keep it, co-chairman Donald Mackenzie told Reuters on Saturday.
Ferrari's timely return to the front row of the Formula One grid bodes well for the luxury sportscar maker as it prepares to list shares and split from parent Fiat Chrysler Automobiles. (FCHA.MI) (FCAU.N)
Thousands of fans turned out on Saturday for the first Formula E electric car race in the United States, with organizers saying the event along downtown Miami's bayfront would help boost more energy efficient mainstream automobile technology.
Fiat Chrysler Automobiles (FCA) (FCAU.N) said on Wednesday it will spin off its luxury sports car maker Ferrari and list the shares as part of a bigger scheme which includes a $2.5 billion convertible bond issue to help fund its ambitious business plan.
Singapore will be counting on its marquee Formula One race to help make up for a 30 percent drop in Chinese tourists this year.
Formula One needs a strong leader and Bernie Ecclestone's $100 million court settlement to end a bribery trial in Germany is positive for the sport's future, Mercedes motorsport head Toto Wolff said on Saturday.
The Formula One Group and the FIA signed the framework for the 2013 Concorde Agreement.
Stake sales have slowed Formula One IPO drive.
News and developments in Asia private equity from Reuters News for the week ending June 22.
Fiat and Ferrari's corporate parent Exor opted to pass because the price was too high.
Private equity firm CVC Capital CVC.UL has sold a $1.6 billion stake in Formula One to three investors.
Motor racing business Formula One will start pre-marketing for its up to $3 billion Singapore initial public offering on May 22.
News and developments in Asia private equity from Reuters News for the week ending May 11.
