Sky News, the preferred leaking destination of CVC Capital Partners, has declared that News Corporation and Exor, an Italian holding company, are bidding to buy the Formula One group from CVC.
Exor is an industrial holding company controlled by the Agnelli Family, who are also known as the owners of Ferrari. The firm can be traced back to the 1920s but became Exor in 2008 when two Agnelli companies IFI and IFIL were merged. Giovanni Agnelli & C. owns 59 percent of the company’s stock, while other investors includethe Mackenzie Cundill Group and Bestinver. The remainder of the shares are traded on the Italian stock market. The company owns a 30 percent stake in Fiat, plus 60 percent of Juventus and various other companies.
Exor is headed by John Elkann, chairman and chief executive of Fiat.
The word is that there will be other members of the consortium as momentum builds. The aim is to buy out CVC Capital Partners and, one assumes, set up a new structure to take the sport into the future. It remains to be seen what will happen with Bernie Ecclestone, who remains a shareholder in the business. For all of those who struggle to understand who owns what in F1, I am also posting a chart of the companies involved.