Potential Formula One buyers agree on a sale price

By Stephen Edelstein March 28, 2016

2015 Red Bull RB11 Formula One car — Image used with permission by copyright holder

As the 2016 season gets off to a rocky start, there’s a major power play in the works behind the scenes of Formula One. Investment firm CVC Capital Partners, which currently owns 35 percent of the world’s most prestigious racing series, may soon sell that stake, effectively putting F1 under new ownership.

F1 czar Bernie Ecclestone says a sale price has been agreed, and that CVC just needs to decide whether it wants to sell, according to Motorsport.com. There have been rumors that CVC would unload its stake for months, as well as speculation that American and Chinese parties were eyeing it. But this is the most public development on that front so far.

Ecclestone believes CVC will make a decision sooner rather than later. There are currently two interested parties that have agreed to the set price, and everyone is simply waiting on CVC’s decision of whether or not to sell, he said in an interview with The Mail on Sunday. Ecclestone would not disclose who these parties were, or the exact amount they had agreed on.

He also said that, whoever the new owners end up being, there are no plans to add more races to the Formula One calendar. Expanding to be more than the current 21 races would be too taxing for teams, Ecclestone said, although he did note that Las Vegas has a contract that could lead to a future race, calling that “super.”

F1 has expanded greatly in recent years, but some venues have had trouble keeping up with the financial commitments required for hosting a grand prix. The U.S. race at the Circuit of the Americas in Austin, Texas, is in doubt due to a shortfall in state funding.

This being Formula One, news of a potential sale and changes to the calendar aren’t the only pieces of gossip floating around the paddock. While Ecclestone and company negotiate, teams are still fighting over new “elimination” qualifying rules that were tried at the season opener in Australia. Teams voted unanimously to scrap the new rules, but they may still be used for the Bahrain Grand Prix this weekend.

Editors' Recommendations

Topics

Stephen Edelstein

Contributing Editor

Stephen is a freelance automotive journalist covering all things cars. He likes anything with four wheels, from classic cars…

Mobile

OnePlus 9 RT with Snapdragon 888 could launch in India soon with a new name

OnePlus 9RT leaked in silver color option showing the camera module of the smartphone.

From merging back into parent company Oppo to fusing OxygenOS into Oppo's ColorOS to deviating its focus from flagships, OnePlus has undergone many alterations that haven't always been the best for customers. One of the more disappointing ones was OnePlus skipping the OnePlus 9T to focus on the OnePlus 10 instead. However, it is bringing a successor to the OnePlus 9R, which willo be limited to India and China. The OnePlus 9RT was launched in China last month, and several leaks suggest it is now headed to India.

The smartphone was recently listed on the Google Play Console, as spotted by tipster Mukul Sharma (better known as Stufflistings), and has the same specs as the Chinese variant. The only thing that appears to have changed is the name of the smartphone. Instead of its original launch name, the phone is referred to as OnePlus RT, suggesting a rebrand for its launch outside China.

Mobile

OnePlus Nord N20 5G render leak reveals a familiar design

oneplus nord n20 5g

OnePlus introduced the Nord N10 5G last year as part of its mission to deliver phones with premium features at a lower price -- even lower than the already affordable OnePlus Nord. Well, it’s almost time for its successor, and we now have unofficial renders that give us a pretty good idea of what we can expect from the OnePlus Nord N20 5G.

The images come from Steve Hemmerstoffer, who goes by @OnLeaks on Twitter and is a source with a good track record of accuracy. A caveat here is that there is a slight possibility that we're looking at the OnePlus Nord CE2 5G rather than the N20 5G, but the consensus seems to be that it's the latter.

Mobile

Samsung’s Android 12 and One UI 4 rollout begins today with the S21

Samsung Galaxy S21 phone lineup.

Samsung today announced the release of One UI 4, its take on Android 12 for its current flagship phone. The update arrives on the Galaxy S21, Galaxy S21 Plus, and Galaxy S21 Ultra. It will bring in headlining Android 12 features like new wallpaper-powered themes and enhanced privacy features.

“We are committed to giving everyone access to the best mobile experiences possible, as soon as possible,” Janghyun Yoon, Executive Vice President and Head of Software Platform Team at Mobile Communications Business, Samsung Electronics said in a press release. “One UI 4 delivers on that promise, equipping Galaxy smartphone users with the latest customization and privacy features. But we won’t stop there. Soon, other smartphone and tablet users will also be able to benefit from this software update, enabling a more seamless experience across our entire ecosystem.”