CVC eyes McNally’s F1 empire

When it comes to taking control of formula one, 'CVC' will not stop at 100 per cent ownership, according to reports.

After snapping up 86 per cent, courtesy of two banks and Bernie Ecclestone's shares, it is known that the British company is now in talks to take the final 14 per cent from an American bank.

But 'The Business Online' publication says CVC is also negotiating with Paddy McNally about buying F1's lucrative trackside advertising rights. It would involve the total sale of his 'Allsport Management' company.

Allsport also owns the Paddock Club, which offers high price corporate hospitality at all grands prix.

Sources said McNally's business is worth at least $1bn. Interestingly, he refused to sell the company in 2002.

''(CVC) will wait to secure its ownership in the core F1 business before it makes a formal bid,'' Business Online said.

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