Ecclestone lightening up on F1 shares.. already


Ousted F1 CEO Bernie Ecclestone has already started the process of selling a portion of his holdings in the company which just took over the sport.

Regulatory filings reveal that Ecclestone, F1's new Chairman emeritus, will offer up to 950,599 shares, or $39.9M worth based on Liberty Media's closing price yesterday of $29.42.

Six other managers have also filed to sell shares, including former F1 board member Sir Martin Sorrell, who is elling $1.9M of his stock.

Where there are sellers, there are buyers, but unfortunately the teams do not yet figure in the latter group.

Liberty initially offered team owners the opportunity to buy $1.1B worth of shares, a proposition the teams declined. The company has since reduced the offering to $400M but to no avail as the teams appear to be taking a 'wait and see' approach.

Liberty has apparently set a June deadline for Formula 1's teams to decide whether they would like to take advantage of the offer.

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