A Chinese investment group is allegedly preparing a bid to takeover Formula 1 from the sport's current right's holder CVC.

Sky News has reported on a story involving China Media Capital (CMC) and Stephen Ross, the owner of the Miami Dolphins football team, forming a consortium to acquire a controlling stake in Formula 1 estimated at around $8.5B.

The group supposedly intends to seek a 90-day period of exclusivity in order to conduct its due diligence task and hold talks with Bernie Ecclestone. Ross was listed earlier this year as being interested in buying F1, when it was reported that his investment vehicle, RSE Ventures, was be teaming up with Qatar Sports Investment to bid on Formula 1.

Other parties have apparently also expressed an interest in joining the Sino-American venture, among them interestingly is German media magnate Dieter Hahn whose company, Constantin Medien, had sued Ecclestone (and lost) on the back of previous F1 ownership changes.

Formula 1 is controlled by its shareholders through the Delta Topco holding company, with CVC holding a 35% stake in the latter entity and all the voting rights. The private equity firm bought F1 in a $2 billion leveraged buyout in 2005 and has already made $4.4 billion from its investment according to the Forbes economic publication.

While allegations of CVC selling its interest in Grand Prix racing regularly float to the surface, and are often wide of the mark, the latest rumor does offer a few interesting tidbits.

First of all, Bernie Ecclestone himself has alluded twice in the past two weeks to the sport being sold, claiming in Sochi that 'we have some good investors interested in the sport and that if it happens, it will happen this year.' So obviously something is brewing.

It's also worth noting that China Media Capital's founding Chairman, Li Ruigang, is on the board of multinational advertising company WPP, whose CEO, Martin Sorrell, happens to be a non-executive director of Delta Topco. So watch this space...

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.

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