There are all kinds of stories circulating about the future ownership of the Formula One group. While details of who the shares will be split in the future are anything but clear, it is worth noting that until recently the shareholdings in Delta Topco Ltd (Jersey) were as follows: five CVC funds collectively own 63.3 percent of the business; LBI Group Inc (a Lehman Brothers company) owns 15.3 percent; Bambino Holdings (an Ecclestone Family company) owns 8.5 percent; Bernie Ecclestone owns 5.3 percent; JP Morgan Whitefriars Inc owns 3 percent; Churchill Capital Ltd owns 0.7 percent and the rest is owned by employees or directors, these being Patrick McNally (1 percent), Duncan Llowarch and Sacha Woodward Hill (each 0.8 percent), Judith Griggs (0.5 percent) and Peter Brabeck-Letmathe and Sir Martin Sorrell (0.25 percent each).
The key question in any sale of shares is whether or not there is a change of control, as the FIA has a right to veto any such move. The problem is that we do not know what the definition of change of control might be, given that the contract between the FIA and the Formula One group is confidential. There are different ways that change of control can be defined, with the possibility of such a clause being triggered by a change of specified percentages, a change in the majority on the board of directors and so on.