Formula 1's new owner Liberty Media is working on a share offering which would considerably reduce the holdings in the sport of its current historical investors, according to Sky News.
CVC Capital Partners, the controlling shareholder in Delta Topco, F1's former parent, which sold Formula 1 to Liberty Media last year in an $8bn deal, still retains an interest in the sport, as do several other minority shareholders.
Liberty is looking to refresh its shareholder base with an offering to institutional investors which would acquire an estimated $1.55bn worth of newly issued shares in addition to the current shares of any original Delta Topco investors who wish to sell.
The latter group could indeed be enticed to finally part with their holdings at a nice premium given the increase in share price of the Formula One Group's tracking stock which is quoted on New York's Nasdaq under the ticker 'FWONK'.
The proposed offering is being co-ordinated by Goldman Sachs, JP Morgan and Morgan Stanley, according to banking sources.
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